TMW reduces rates and introduces 50% LTV products

The Mortgage Works (TMW) has cut selected two and five-year rates by up to 0.6% and introduced a range of 50% loan-to-value (LTV) products.

The specialist buy-to-let arm of the Nationwide Building Society is offering a five-year fixed rate mortgage at 50% LTV at 1.94% with a £1,995 fee, which is available for both purchases and remortgages.

Paul Wootton, managing director of TMW, said: “These changes are designed to expand the product choices for landlords, including those with larger deposits as well as those looking for payment security.”

Selected two and five-year fixed rate fee-free products have been cut, with the five-year fixed rate up to 65% LTV with zero fee now starting at 2.49%, down from 3.09%.

The two-year fixed rate up to 65% LTV with zero fee starts at 2.39%, down from 2.44%, with both for purchase and remortgage.

TMW has added free valuations to all house of multiple occupation (HMO) mortgage products, while selected tracker rates have been increased by up to 0.1%.

Wooten added: “By offering competitive fixed rate deals and a wider range of products to help manage their cashflow, we are demonstrating TMW’s continued commitment to supporting intermediaries and landlords.”

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