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TMW ups buy-to-let LTVs to 80%

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  • 21/03/2018
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TMW ups buy-to-let LTVs to 80%
The Mortgage Works (TMW) is reintroducing 80% loan to value (LTV) products to its range of buy-to-let mortgages.

The increase in maximum LTV for buy-to-let mortgages, from 75% to 80%, includes purchase and remortgage products for first-time and experienced landlords, as well as let-to-buy.

The same criteria will apply to those products available through the current limited company range, which is being piloted.

Applications for products of less than five years above 75% LTV will be stressed at 5.99% or pay rate plus 2%, whichever is the higher.

For terms of five years or more the stress rate is 4.99%.

The maximum loan per property is £350,000.

 

HMOs at 75%

Two-year fixed rate 80% LTV products start at 2.99% with a 2% fee and 3.99% rate with no fee and are available for purchase and remortgage.

Meanwhile, five-year fixed rate products start at 3.59% with a 2% fee and 4.19% rate with no fee.

In addition, the maximum LTV for buy-to-let mortgages on houses of multiple occupation (HMOs) will increase from 65% to 75%.

Nationwide director of specialist lending Paul Wootton said: “TMW is extending its range of mortgage products to include loans at up to 80% LTV to give greater choice and more options for landlords, including those taking out new buy-to-let mortgages and those looking to refinance existing borrowing.

“TMW is entering an established part of the market to offer a range of competitive rates to landlords working to manage their costs, including for those with smaller amounts of capital invested,” he added.

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