The Mortgage Works has announced that it has launched a new 10 year buy-to-let fix aimed at landlords who are looking for longer term payment security.The new option from TMW is the longe...
The Mortgage Works has announced that it has launched a new 10 year buy-to-let fix aimed at landlords who are looking for longer term payment security.
The new option from TMW is the longest fixed rate product in the Buy to Let sector and is currently the only 10 year deal for landlords on the market.
The new product is available up to 75% LTV at 4.99% with a £995 fee.
As part of the move to expand customer choice and offer competitive longer term rates, TMW is also launching new 5 year fixed rate products at 80 per cent LTV starting at 4.49%. Rates for the 5 year fixed at 75 per cent LTV are also being reduced and start at 4.19%.
All 5 year and 10 year fixed rate deals continue to be stressed at 4.99 per cent with a rental cover requirement of 125 per cent.
Henry Jordan, Managing Director of TMW, said: “TMW's 10 year fixed rate product is currently the only option in the market for those landlords looking to secure their payments for the long term. It will fill a gap in the market that has seen a trend towards opting for longer term options. With longer term fixed rate Buy to Let mortgages available at historically low rates, now could be the perfect time for both experienced and first time landlords to lock in payments against future rate rises.
With our lowest stress rate of 4.99% applicable on all fixed rate terms of 5 years or more, regardless of LTV, our new 5 year fixed rate deals at 80% LTV will be particularly attractive to landlords with smaller deposits.”