Mortgage News
The Mortgage Works and The Mortgage Lender to relaunch select products – round-up
The Mortgage Works (TMW) and The Mortgage Lender (TML) will reintroduce select fixed rates tomorrow following temporary withdrawals.
TMW temporarily withdrew fixed rates products at 3pm yesterday, citing the “current economic environment and unprecedented demand”.
The new products include a five-year fixed rate at 65 per cent loan to value (LTV) at 5.74 per cent with a £1,995 fee and a no-fee 10-year fixed rate at the same LTV price at 5.49 per cent.
Products are available for purchase and remortgage with other rate and fee combinations available on two and five-year fixed rate mortgages.
Daniel Clinton, head of The Mortgage Works, said: “Following a very brief withdrawal we have reintroduced our range of fixed rate buy-to-let mortgages.
“We remain committed to supporting landlords, which is why we brought our fixed rate products back quickly, but we have had to reprice our range to ensure our rates remain sustainable in the current economic environment.”
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TML to bring back resi and BTL deals
TML will relaunch residential and buy-to-let product ranges from tomorrow, having taken the decision to temporarily withdraw products last week.
The lender said that the decision was due to volatility in the financial markets as well as to protect service levels as there had been a “rapid removal” of products from specialist and high street lenders.
Peter Beaumont, chief executive of TML, commented: “The market is currently subject to extreme volatility which is making things exceptionally difficult for both intermediaries and borrowers.
“Given the current dearth of products available we wanted to relaunch our buy-to-let and residential ranges back into the market as quickly as possible to support borrowers wherever possible. We have repriced our range for a market that is quite different to the market only a week ago.”
He continued: “We remain fully committed to lending and we understand that the rapidly changing economic environment has created real uncertainty and worry. We will continue to monitor the situation closely and will remain agile in our response.”