The new rates include:
Limited Company rates reduced by 0.50% now starting from 2.59% for a two year fixed at 75% LTV with a £1,995 product fee. All available for purchase and remortgage.
Buy to Let – rates reduced by up to 0.35%
- Two-year fixed at 80% LTV reduced by 0.25% with rates now starting from 2.24% with a 2% fee
The above are available for purchase and remortgage with other rate/fee combinations also available.
TMW’s range of 80% LTV products continues to only be available on properties with an EPC rating of C or above. This move balances the need to support a key segment of the buy to let market, whilst recognising future ambitions across the Private Rental Sector to achieve more energy efficient homes. This follows the Department of Business, Energy and Industrial Strategy (BEIS) ‘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.
Earlier this year, TMW launched its Green Further Advance to help landlords fund improvements to their properties to help increase their energy efficiency.
Full details on all TMW mortgages can be found here.
Daniel Clinton, Head of The Mortgage Works, said: “This latest change sees the largest reductions on Limited Company mortgages, which is an important and growing segment of the market. Many landlords are increasingly choosing to expand their portfolio in this way following the changes to tax relief on individual ownership. At the same time, we are also reducing rates on our range of 80% loan to value mortgages, helping those with smaller deposits.”