Mortgage News
TMW increases remortgage offer period to six months
The Mortgage Works (TMW) is to extend its remortgage offer period from three to six months, with effect from April 27.
The change brings remortgage offers from the specialist buy-to-let arm of the Nationwide Building Society in line with the lender’s purchase and let-to-buy applications.
Offers for further advances currently remain valid for three months but will be extended to six months at a later date TMW said.
TMW said the changes will support landlords looking to complete a remortgage and onward purchase at the same time.
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Paul Wootton, TMW’s director of specialist lending, said: “We listen to landlords and their challenges in growing portfolios and the extension of TMW’s remortgage offer period acknowledges one of the many pressures that a landlord can face.
“This change in policy, along with recent improvements to our product offering, further illustrates TMW’s continued commitment to brokers and landlords.”
The lender currently offers a five-year fixed-rate remortgage at 2.09% for up to 50% loan to value (LTV), and 2.64% for the up to 65% LTV, both with a £1,995 fee.
TMW recently removed its age limit at application for experienced landlords looking to borrow up to 65% LTV and increased the maximum LTV for buy-to-let mortgages to 80% for first time and experienced landlords.