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TODAY'S OTHER NEWS

TMW launches new large portfolio BTL products and cuts existing rates

The Mortgage Works (TMW) has launched a new portfolio range while also reducing a number of five-year fixed rate products by up to 35bps.

The buy-to-let arm of Nationwide Building Society has cut a number of five-year fixed rates, which now start from 2.39% at 65% loan-to-value (LTV) and 2.34% up to 75% LTV with a £1,995 fee.

TMW has also reduced rates on its existing large portfolio buy-to-let products.

The latest range of fee-free rates at 75% LTV include a two-year fixed rate which has been reduced from 3.49% to 3.29% and a five-year fixed rate down from 3.99% to 3.74%.

New large portfolio buy-to-let rates include a two-year fixed rate at 2.84% and a five-year fix at 3.39%. Both deals are available up to 75% LTV with a £1,995 fee.

Last month, TMW reduced rates on selected two-year fixed and tracker mortgages by up to 0.25%.

The lender also cut rates on some limited company mortgage deals, available on purchase or remortgage basis, by up to 0.35%.

Rates on a two-year fix now start at 2.99% at up to 75% loan to value (LTV) with a £1,995 fee, and 3.49% for a five-year fix at up to 75%, also with a £1,995 fee.

In addition to the rate cuts, TMW announced the introduction of a new fee-free range of fixed and tracker deals at up 65% and 75% LTV.

Rates for the new two-year product start at 2.44%, while the five-year deal starts at 3.09%. For tracker deals, rates start at 2.29%.

Paul Wootton, managing director of TMW, said: “These changes are designed to support a wide range of landlords, with rate reductions and a range of zero fee options, to help them access a wider choice of products to manage their cashflow. This illustrates TMW’s continued commitment to supporting intermediaries and landlords.”

  • Paul Barrett

    Lenders are getting desperate.
    There are no takers for their wares. Here is a suggestion
    Stop with the stupid teaser rates and ridiculous fees and offer a fixed interest IO flexible offset mortgage for 30 years at 3 % at maximum 75% LTV..That would garner a lot of business!!!
    Do the same for resi mortgages as well but with no term end.
    Pay it off or die with the debt.
    This is what occurs in the USA and consequently they have a stable housing market.
    Why lenders wish to compete with churn rates beats me!

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