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Market snapshot: TMW, Leeds, Hinckley and Rugby product changes

  • 23/05/2018
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Market snapshot: TMW, Leeds, Hinckley and Rugby product changes
A handful of lenders have announced product changes, including The Mortgage Works and Leeds Building Society.

TMW cuts rates

The Mortgage Works (TMW) has reduced rates on its two-year tracker deals by up to 0.45%

Rates now start at 1.49% for deals at up to 65% LTV with a £1,995 fee. All deals have the ‘switch to fix’ facility, allowing the borrower to move to a fixed rate deal without incurring ERCs.

In addition TMW has launched a ten-year fixed rate deal at up to 75% LTV with a rate of 3.49%. It includes free standard valuation, £250 cashback and no arrangement fee.

Paul Wootton, managing director of TMW, said: “Along with recent improvements to our product proposition, this further illustrates TMW’s continued commitment to supporting brokers and landlords.”

Leeds updates Welcome deals

Leeds Building Society has revamped its range of Welcome Mortgages.

The products come with an initial rate of 0% for three months, before moving onto a traditional interest rate. The relaunched range include a 2.64% five-year fixed rate available up to 85% LTV and a 3.70% five-year fixed rate available up to 90%.

Added incentives include free standard valuation and no product fee.

Jaedon Green, director of product and distribution at the mutual, said the Welcome Mortgage had been created because moving home is a difficult process to budget for, with many people underestimating the costs involved.

He continued: “Welcome provides a breathing space of three months to help homebuyers navigate the challenges of moving home, whether coping with unexpected costs, emergency DIY or simply keeping finances under control, while they adjust to the running costs of the new home.”

Hinckley & Rugby raises rates and fees

Hickley & Rugby Building Society is amending two of its residential deals. An application fee of £199, completion fee of £800 and mortgage exit admin fee of £150 are being added to its two-year discount deal at 1.99% (a 3.9% discount from its SVR), which is available up to 90% LTV.

The rate on its five-year fixed rate, available at up to 85% LTV, is also increasing from 2.29% to 2.44%.

Swansea added to PMS/Sesame panels

PMS and Sesame have added Swansea Building Society to their respective panel lenders.

The mutual, whose products are limited to properties in Wales and Welsh border areas, has recently launched a number of new products, with its range now encompassing buy-to-let and holiday lets, bridging loans, auction purchase mortgages and mortgages for small holdings.

Jane Benjamin, head of relationship management at Sesame and PMS, said: “With no credit scoring and all cases manually underwritten, the Society offers a personal and tailored approach to mortgage lending, which I am sure will be welcomed by our members.”

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