The Mortgage Works enhances buy to let range

The Mortgage Works has increased the maximum LTV for non-status rental calculations from 70% LTV to 75% LTV on all buy to let products, and has also made a number of additions to its buy to let offering.

The specialist lender has launched new 7 and 10 year fixed rate mortgage products, with rental calculations at 110% of pay rate up to 85% LTV, together with procuration fees of 0.60% and 0.75% respectively. In addition, 90% LTV or 100% rental cover is available on both products for an additional 1% fee. A new two-year Bank Base Rate tracker has also been launched, featuring no early repayment charges (ERCs).

The products will be available from Thursday 14 June 2007.

Summary of new products:

Two-year BBR Tracker – 4.99% (arrangement fee 2.5%, min £595) - No ERCs

Seven-year fixed – 5.99% (arrangement fee 1.5%, min £595)

Ten-year fixed – 5.99% (No arrangement fee)

Andy McQueen, Director of Marketing at The Mortgage Works said: “The new longer term fixes are ideal for landlords who are looking to minimise remortgage costs and fix their outgoings. A key feature of these products is that they are portable, essential at a time when interest rates are an uncertainty and circumstances may change over the longer term. The two-year tracker offers an attractive alternative as it has one of the lowest rates on the market and no ERCs, allowing partial and full repayment at the discretion of the client.“