TMW’s buy-to-let mortgage rates improve

The Mortgage Works (TMW) is to make a number of enhancements to its buy-to-let mortgage range.  This includes the launch of new two-year tracker rates starting from 2.99% and reductions of up to 0.4% across the existing range of two-year fixed and tracker products.  All changes take effect from Wednesday 13 July 2011.

New products include:

Two-year tracker at 2.99% (BBR + 2.49%), available up to 65% LTV, 3.5% arrangement fee
Two-year tracker at 3.29% (BBR + 2.79%), available up to 75% LTV, 3.5% arrangement fee
18-month fixed rate at 4.29%, available up to 75% LTV, 2.5% arrangement fee

Key changes include:

Selected rate reductions of up to 0.4% across two-year products 

Switch to Fix facility extended to all buy-to-let trackers.  Anyone taking out a tracker mortgage will be allowed to switch to a fixed rate without paying any early repayment charges

Buy-to-let lending now accepted on new-build flats (up to 65% LTV)

Improved Lifetime Variable products, with arrangement fees starting from £999

All Limited Company products and Further Advance products for existing Multi Property Portfolios (where rental income and LTV is averaged across the portfolio) will be withdrawn with effect from 31 July 2011. 

Tracie Pearce, TMW's head of product management and pricing, said: "The rate improvements are great news for landlords looking for a new buy-to-let deal. 

"We're also allowing even more customers who take out new buy-to-let trackers to switch to a fixed rate at a later date.  Extending this feature may particularly suit those who want to take advantage of the low base rate environment now and retain the ability to switch to a fixed rate if the base rate starts to rise."