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New range of buy to let mortgage products launched

08/02/2010 12:53:00
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image The Mortgage Works

The Mortgage Works has introduced a new range of Buy to Let Stepped Tracker mortgage products...

According the The Mortgage Works (TMW) these mortgage products are unique to the Buy to Let market and offer a wider choice to customers.

Tracie Pearce, Strategic Product Marketing Manager, The Mortgage Works said: “We want to offer our customers choice and flexibility when choosing a mortgage product.  The new range features Stepped Buy to Let Tracker products with rates from Bank of England Base Rate + 4.14% (4.64%), stepping down to Bank of England Base Rate + 2.14% (2.64%) in the second year.

These products are unique to the Buy to Let market, designed to help landlords budget against potential Base Rate increases.”

There’s also a

  • new 1 year Buy to Let fixed rate mortgage at 3.99%, with a 3% fee
  • 3 year Buy to Let fixed rate mortgage at 5.99%, reduced from 6.24%, with a 1.5% fee

First time landlords, classified as applicants who have not owned and let a buy to let property for the last six months, remortgaging their existing residential property as a buy to let must choose from TMW Let to Buy product range.

A new 2 year tracker rate has been introduced into the Let to Buy mortgage range at 3.99% with a 3.5% fee. The maximum LTV has also been increased to 70% LTV.

For all products the maximum loan value is £1.5 million and all give the option to overpay up to a maximum 10% per year without incurring an early repayment charge.

The Mortgage Works (TMW) is a subsidiary of Nationwide Building Society. It offers a range of specialist products available direct to customers (via its contact centres) and through professional mortgage intermediaries.

TMW prides itself in offering innovative mortgage products and providing a first class service to customers through a dedicated business development and sales support team.

 

Subscribe to comments feed Comments (2 posted):

trisha arathoon on 26/03/2010 17:08:58
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Would anyone know if there is any form of restriction on charging service charges to tenants on ASTs or should it just be incorporated into their monthly rent?
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Dean Evans on 29/03/2010 10:29:08
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Dear Trisha, most landlords pay the maintenance charges. However, you are entitled to include this is the rent and when letting the property you inform the tenant what the rent includes. There is no right or wrong in this situation. If a tenant accepts your rental amount uncluding the maintenance then great. If you let the property to a tenant who is aware of the charges to cover maintenance on top then that's also good. I hope this helps, Regards - The Landlord Association
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