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TMW launches 10-year fix for landlords

by: Samantha Partington
  • 12/01/2015
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TMW launches 10-year fix for landlords
The Mortgage Works (TMW), the specialist lending arm of Nationwide, has launched a 10-year fixed rate available up to 75% loan-to-value (LTV) at 4.99% with a £995 fee.

In a move to expand is longer-term fixed rate range, the lender is adding a five-year fixed rate at 80% LTV starting at 4.49% while reducing its five-year fixed rate at 75% LTV to 4.19%.

All five and 10-year fixed rate deals continue to be stressed at 4.99% with a rental cover requirement of 125%.

Henry Jordan (pictured), managing director of TMW, said: “TMW’s 10-year fixed rate product is currently the only option in the market for those landlords looking to secure their payments for the long term.

“It will fill a gap in the market that has seen a trend towards opting for longer-term options. With longer-term fixed rate buy-to-let mortgages available at historically low rates, now could be the perfect time or both experienced and first-time landlords to lock in payments against future rate rises.”

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