Across its remortgage-only BTL offering, the two-year fix at 65% loan to value (LTV) with a 3% fee has been cut by 0.05% to 3.74%, and the five-year fix at 55% LTV, also with a 3% fee, has been reduced by 0.15% to 4.37%.
Further, TMW has lowered the rate of a five-year fix at 75% LTV with a £1,495 fee by 0.2% to 4.99%.
All options come with a free valuation and free legals.
Keir Fraser, lead manager at TMW, said: “We’re delighted to be able to make these rate cuts as we continue to put The Mortgage Works at the forefront of the BTL market with competitive rates.”
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Saffron BS refreshes several ranges
Saffron Building Society has updated several product ranges, including its BTL, self-build and residential ranges.
Across its BTL proposition, the mutual has introduced a 55% LTV tier, including for limited company ownership. It will also now accept new-build flats up to 75% LTV on an interest-only basis.
Changes within its self-build range include wider criteria to include more accepted warranty options, which it said would help cases progress more easily.
Accepted certifications now include STA Gold Standard, where backed by a listed new-build warranty, and Professional Consultant Certificates (PCCs) for ground-up developments, subject to criteria.
For its residential offering, Saffron Building Society has increased the maximum interest-only element for part-and-part mortgages from 60% to 70%, within an overall maximum of 80% LTV.
The mutual said this would support affordability, streamline loan structuring and align with its interest-only policy.
Further, the sale of a mortgaged property will be accepted as a repayment vehicle across all interest-only loans.
Tony Hall, head of business development at Saffron for Intermediaries, said: “These enhancements reflect our ongoing focus on building criteria that works in the real world.
“Brokers are increasingly dealing with complex cases that don’t fit neatly into standard lending models, and our role is to give them the flexibility to make those cases happen here.”
He added: “Whether it’s increasing interest-only flexibility, widening access for buy-to-let investors, or strengthening our self-build proposition, each change has been designed to remove friction and open up more opportunities for brokers and their clients.”
