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TMW increases buy-to-let LTV to 80%

The Mortgage Works has increased the loan-to-value of its core buy-to-let mortgages, giving customers access to mortgages of up to 80 per cent LTV.

The range includes a 4.69 per cent one-year fixed rate with a 2.5 per cent arrangement fee, as well as a range of other fixed-rates, including a three-year fixed-rate at 5.99 per cent with a 3 per cent arrangement fee. A one-year tracker is also available, at 4.69 per cent and a 2.5 per cent arrangement fee.

The Mortgage Works head of products Tracie Pearce says: “The increase in the loan to value on our Buy to Let range continues to demonstrate our commitment to supporting the housing market.  We are the only lender to offer this level of borrowing which will help landlords without a large deposit.  The Mortgage Works continues to have a long standing prudent approach to lending, offering landlords and intermediaries access to innovative, flexible mortgage solutions.”

Mortgages for Business managing director David Whittaker says: “Finally we’re seeing a lender move the pieces on the chess board in a positive way. We’ve been waiting for two years for upbeat news in the buy to let market and TMW have made it clear they feel as optimistic as we do about buy to let’s future.

“Many portfolio landlords have been unable to expand over the last 18 months as they have reached their maximum with the mainstream lenders. They will welcome the news that alternative options at higher LTVs are becoming available. It will be interesting to see how other lenders react to this move from TMW. I’m sure they will follow suit, what’s not certain is how quickly they’ll decide to do so.”

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