The Mortgage Works sharpens rates and launches new self cert products

Specialist mortgage lender, The Mortgage Works, has made a number of changes to its portfolio and has reduced the rates on many of its buy to let and self certification mortgages.

Two new self cert products are also being also being launched, including a highly competitive three-year fix at 5.63%. All of the changes are available from Tuesday 20 February 2007.

Highlights:

Buy to let

90% LTV & 100% rental calculations now available on all fixed rate products

Self Cert

Three-year fixed – 5.63% **NEW**
Two-year BBR tracker – reduced to 5.58%
Three-year BBR tracker – 5.99% **NEW**
‘Switch to fix’ option. Gives borrowers the flexibility to switch from TMW’s two or three-year BBR trackers at 5.99% to any of TMW’s self cert fixed rate products, without having to pay a Early Redemption Charge – payment of the new product’s arrangement fee is required
Maximum loan of £1m with maximum 85% LTV
Arrangement fees are now percentage based with a minimum of £595
All end dates extended to 31 March

Commenting on the changes, Matthew Wyles, Group Development Director said: “This is a very dynamic market and The Mortgage Works is responding with more innovation. Two of our self cert trackers now allow borrowers to switch to any of our fixed rate products by simply paying the new product’s arrangement fee.

In addition, we will now lend up to £1 million self cert at 85% LTV including first time buyers.”