The further advance will be available as a two-year or five-year fixed rate option up to 80 per cent loan-to-value (LTV) covering a range of product fees. Rates start from 2.94 per cent and 2.99 per cent respectively.
The lender will also introduce a limited company version of its Green Further Advance at a rate of 2.99 per cent, available for loans of between £2,500 and £15,000 up to a maximum of 75 per cent LTV with no product fees. Landlords can opt for a two or five-year fixed product. The whole loan must be used to fund a range of sustainable home improvements – including solar panels, window upgrades or replacements, boiler upgrades, air source heat pumps, and electric car charging points.
TMW first launched its limited company mortgage range in 2018 to support incorporated landlords in the growing segment of the buy-to-let market. The latest products follow changes made in February to allow limited company switcher applications to be done solely online.
Daniel Clinton, head of lending at The Mortgage Works, said: “By adding a further advance product to our range we are responding to feedback we’ve been getting from both landlords and brokers alike. The new further advance will support those landlords who are seeking to raise capital in order to expand their portfolios.”