The new buy to let rates include:
- One-year fixed at 75% LTV at 4.64% with a 2% fee
- Two-year fixed at 65% LTV at 5.04% with a 3% fee
- Five-year fixed at 65% LTV at 5.14% with a 3% fee
The above are available for purchase and remortgage with other rate/fee combinations also available.
Daniel Clinton, Head of The Mortgage Works, said: “These new buy to let mortgages offer our most competitive rates to landlords who want to fix their repayments and manage their cashflow.”
Following significant changes in Buy to Let interest rates and the wider economy, the minimum stress rate for TMW buy to let mortgages will increase to 8.49%. This change is an interim measure to better protect landlord cashflows during a period of interest rate turbulence. TMW's affordability model remains under review and it intends to launch a more tailored approach to stress rates in due course.
Daniel Clinton, continued: “As a responsible lender it is important we respond to recent events, ensuring our affordability model reflects the latest interest rate environment and helps safeguard the ability for our landlords to afford their mortgage both now and in the future.”
Full details on all TMW mortgages can be found here.
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