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TMW cuts new business and switcher BTL rates; Halifax lowers rates – round-up

Anna Sagar
Written By:
Posted:
July 2, 2024
Updated:
July 2, 2024

Buy-to-let (BTL) specialist The Mortgage Works (TMW) will cut new business and switcher rates by up to 0.3%.

TMW’s BTL pricing now begins from 3.69%.

On the new business BTL side, its two-year fixed purchase and remortgage rate at 65% loan to value (LTV) has fallen by 0.1% to 3.69%.

The lender’s five-year fixed purchase and remortgage rate at 65% LTV has gone down by 0.1% to 4.04%.

The firm’s five-year fixed switcher rate at 75% LTV has decreased by 0.1% to 4.14%.

All of the above come with a 3% fee.

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Within its new business limited company BTL range, its two-year fixed purchase and remortgage rate at 75% LTV has fallen by 0.3% to 4.99%. It has a 3% fee.

The lender’s two-year fixed purchase and remortgage rate at 75% LTV has gone down from 0.2% to 5.69%. It has a £3,995 fee.

TMW’s two-year fixed switcher rate at 75% LTV has decreased by 0.3% to 6.49%.

Joe Avarne, senior manager of BTL mortgages at TMW, said: “We remain as committed as ever to supporting brokers and landlords, which is why we’re pleased to announce rate cuts across our range.

“Our products are some of the most competitive in the sector and, with rates now starting from 3.69%, these new deals will improve affordability and help widen market access for buy-to-let investors”.

TMW recently amended its limited company criteria, so it will now accept purchase applications to use a property as a BTL where the limited company is purchasing a home that is currently owned and lived in by one of its directors.

The firm has also amended its affordability criteria by lowering its interest coverage ratio calculations.

The lender has also released a portfolio review tool so brokers can support portfolio landlords by allowing them to identify future borrowing opportunities.

 

Halifax cuts rates

Halifax will lower homemover and first-time buyer products by as much as 0.19% on selected products.

The lender’s product search tool, intermediary page and sourcing system will be updated on 3 July.