Tracie Pearce, Head of Products at The Mortgage Works said:
"The increase in the loan to value on our Buy to Let range continues to demonstrate our commitment to supporting the housing market. We are the only lender to offer this level of borrowing which will help landlords without a large deposit.
"The Mortgage Works continues to have a long standing prudent approach to lending, offering landlords and intermediaries access to innovative, flexible mortgage solutions."
The product range:
1 year fixed rates:
4.69% 80% LTV 2.5% Arrangement fee
5.69% 80% LTV 1.5% Arrangement fee
5.99% 80% LTV £1795 Arrangement fee (This flat fee product has a capped maximum loan size of £250,000).
1 year tracker:
4.69% 80% LTV 2.5% Arrangement fee
18 month fixed rate:
5.49% 80% LTV 2.5% Arrangement fee
2 year fixed rate:
5.99% 80% LTV 2.5% Arrangement fee
3 year fixed rate:
5.99% 80% LTV 3% Arrangement fee
David Whittaker, managing director of Mortgages for Business, said:
“Finally we’re seeing a lender move the pieces on the chess board in a positive way. We’ve been waiting for two years for upbeat news in the buy to let market and TMW have made it clear they feel as optimistic as we do about buy to let’s future.
"Many portfolio landlords have been unable to expand over the last 18 months as they have reached their maximum with the mainstream lenders. They will welcome the news that alternative options at higher LTVs are becoming available.
"It will be interesting to see how other lenders react to this move from TMW. I’m sure they will follow suit, what’s not certain is how quickly they’ll decide to do so.”
