TMW unveils large portfolio landlord products with higher proc fee

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  • 16/05/2018
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TMW unveils large portfolio landlord products with higher proc fee
The Mortgage Works (TMW) is launching a dedicated mortgage range for larger portfolio landlords with more than ten mortgaged buy-to-let properties paying an enhanced procuration fee.

 

The lender confirmed the additional 0.1% procuration fee on top of the normal fee will also apply to the limited company product range it is trialling.

TMW said it was introducing the enhanced fee to reflect the additional work involved for brokers due to the more specialist nature of larger portfolio mortgage applications.

The larger portfolio range, which goes live on 17 May, will include purchase, remortgage and further advance deals covering 65%, 75% and 80% LTV.

Free valuation and free standard legals will be available, with a fee free or £995 fee options also available.

Rates for the remortgage two-year fixed rate products start at 2.34% at up to 65% LTV, with a £995 arrangement fee.

For purchase or remortgage, rates for the up to 75% LTV product start at 2.59% with a £995 fee, free standard valuation and a £250 cashback.

For the five-year fixed rate products, remortgage rates start at 2.79% at up to 65% LTV with a £995 fee.

 

Recognise the expertise

TMW managing director Paul Wootton said: “As part of our commitment to landlords and brokers, we recognise both the specialist needs of those landlords with larger portfolios and those using limited companies, and the extra work involved as a result for brokers supporting them.

“Along with recent improvements to our product offering, we are continuing to recognise the expertise needed in a market that has become increasingly specialised by increasing the procuration fee available.”

In March the lender increased its loan-to-value rates available for buy-to-let and houses in multiple occupation (HMO) products, and also removed its age limit at application for experienced landlords borrowing up to 65% LTV.

 

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