On Thursday 1 July, The Mortgage Works (TMW) is returning to lending at 80% on its buy to let, let to buy, large portfolio and limited company range of mortgages after withdrawing from the market at the height of the pandemic.
The new rates at 80% LTV include:
Buy to Let
- Two-year fixed rates starting from 2.49% with a 2% fee
- Five-year fixed rate starting from 2.99% with a 2% fee
All of the above are available for purchase and remortgage with other rate/fee combinations also available.
Limited Company rates start from 2.79% for a two year fixed and 3.49% for a five year fixed with a 2% product fee. All available for purchase and remortgage
The Department of Business, Energy and Industrial Strategy (BEIS) is leading the ‘Improving the energy performance of privately rented homes’ consultation which is currently looking to increase the EPC requirement to a C rating for all tenancies by 2028.. To balance the need to support a key segment of the BTL market, whilst recognising future ambitions across the Private Rental Sector to achieve more energy efficient homes, TMW’s range of 80% LTV products will be available where a property has an EPC rating of C or above.
Earlier this year, TMW launched its Green Further Advance to help landlords fund improvements to their properties to help increase their energy efficiency.
New no-fee products
TMW is also reintroducing a range of buy to let mortgages with no product fees. The new remortgage rates start from a competitive 1.99% at 65% LTV with free valuations and standard legals.
Full details on all TMW mortgages can be found here.
Daniel Clinton, Head of The Mortgage Works, said: “The Mortgage Works is one of the UK’s largest buy to let lenders and we always look to offer a wide range of mortgages for landlords. We are pleased to return to lending at 80% loan to value, giving further options for those with a smaller deposit.
“Buildings are the second largest source of emissions in the UK and we want to continue to do our bit to help tackle climate change. With impending regulation on the horizon affecting minimum EPC standards across the PRS, we are taking pro-active measures through our lending proposition to support the transition. Providing BTL mortgages on A-C rated properties at higher LTVs is a prudent step and follows on from the recent launch of our first ever Green deal for existing customers seeking to make energy improvements.”