From tomorrow, all existing 60% loan-to-value (LTV) products will be made available to customers up to 65% LTV.
This means the product range will now be tiered at 65%, 75% and 80% LTV. A new lifetime variable product will also be launched at 65% LTV with a £995 fee.
Henry Jordan (pictured), managing director of TMW, said: “Structuring our products, follow-on rates and stress rates by LTV is designed to create consistency and reflects our risk-based approach to lending. Implementing a lower follow-on rate relative to the stress rate provides an extra safeguard for landlords to protect rental cover in the event of future base rate rises.
TMW first announced its plans to further stress its buy-to-let mortgage application last week. The mutual said existing stressed rates will remain unchanged, as will those for fixed rate terms of five years or more.
