The Mortgage Works (TMW) has launched a 10-year fixed rate mortgage product for landlords looking for longer term payment security.
The new option from TMW, part of the Nationwide group, is the longest fixed rate product in the buy-to-let sector and is currently the only 10-year deal for landlords on the market.
The new product is available up to 75% loan-to-value (LTV) at 4.99% with a £995 fee.
As part of the move to expand customer choice and offer competitive longer term rates, TMW is also launching new five-year fixed rate products at 80% LTV starting at 4.49%. Rates for the five-year fixed at 75% LTV are also being reduced and start at 4.19%.
All five-year and 10-year fixed rate deals continue to be stressed at 4.99% with a rental cover requirement of 125%.
Henry Jordan, managing director of TMW, said: “TMW’s 10-year fixed rate product is currently the only option in the market for those landlords looking to secure their payments for the long term. It will fill a gap in the market that has seen a trend towards opting for longer term options. With longer term fixed rate buy-to-let mortgages available at historically low rates, now could be the perfect time for both experienced and first time landlords to lock in payments against future rate rises.
“With our lowest stress rate of 4.99% applicable on all fixed rate terms of five years or more, regardless of LTV, our new five-year fixed rate deals at 80% LTV will be particularly attractive to landlords with smaller deposits.”
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