The Mortgage Works launch new range of products
The Mortgage Works has launched a new range of mortgages, including Buy to Let products for Limited Companies, Houses in Multiple Occupation (HMO) and a range of Buy to Let tracker mortgages which allow customers to switch onto a fixed rate at any time without incurring Early Repayment Charges.
In addition, to improve rates on selected fixed and tracker products, a number of changes are also being made to its portfolio of Buy to Let, Let to Buy and Light Refurbishment products, with some rates reducing by up to 0.30%.
New range of Buy to Let Limited Company products
Fixed rates starting from 4.39% and tracker rates starting from 4.34% (BBR + 3.84%), available up to 65% LTV.
Customers can benefit from The Mortgage Works Buy to Let core range rental cover calculation (125%).
New range of products for Houses in Multiple Occupation (HMO's)
Fixed rates starting from 4.39% and tracker rates starting from 4.34% (BBR + 3.84%), available up to 65% LTV.
Rental income will be considered on a multi-tenanted basis (rental cover of 150% required) and single and multi tenancy agreements will be accepted.
Using a limited company for Buy to Let investments has many advantages, but landlords who do this are in the minority and are not well served by mortgage lenders. Similarly, products for HMOs are usually considered a niche segment of the Buy to Let market, with very few lenders offering them. The Mortgage Works is happy to offer these customers more choice with competitive rates.
Switch to Fix Buy to Let tracker products
Tracker mortgages starting from 3.24% (BBR +2.74%).
Products available up to 65% LTV.
The Mortgage Works is the only Buy to Let lender offering Switch to Fix products to its customers.
By providing Switch to Fix tracker products The Mortgage Works is offering customers the ability to benefit from low variable rates, but with the advantage of being able to switch to a fixed rate if interest rates increase, giving a greater element of certainty.
The Mortgage Works is also making reductions to selected Buy to Let fixed and tracker rate mortgages, changes include:
1 year fixed rates reduced by up to 0.30%.
18 month products reduced by up to 0.20%.
1 year tracker rates at 65% LTV reduced by 0.10%.
Tracie Pearce, Head of Products, The Mortgage Works said: "The Mortgage Works is committed to considering the challenges that landlords face now and in the future and continually looks for ways to offer them greater choice and common sense alternatives. The HMO, Limited Company and Switch to Fix propositions are designed to give customers flexibility over their borrowing, which means giving them more control and more chance of finding the perfect product for their needs".