TMW brings back 80% buy-to-let mortgages for landlords
The Mortgage Works (TMW), Nationwide’s specialist buy-to-let arm, is reintroducing 80% loan to value (LTV) products to its range of buy-to-let mortgages.
The increase in maximum LTV for buy-to-let mortgages, from 75% to 80%, includes purchase and remortgage products for first time and experienced landlords, as well as Let to Buy.
The same criteria will apply to those products available through the current limited company range, which is currently being piloted.
The new deals
Rates start at 2.99% for a two-year fixed rate at 80% LTV, with a 2% fee, or there’s a 3.99% option available with no fee. Both are available for purchase and remortgage.
The five-year fixed rate products start at 3.59% with a 2% fee and 4.19% with no fee.
In addition, the maximum LTV for buy-to-let mortgages on HMOs (Houses of Multiple Occupation) will increase from 65% to 75%.
Paul Wootton, Nationwide’s director of specialist lending, said: “TMW is extending its range of mortgage products to include loans at up to 80% LTV to give greater choice and more options for landlords, including those taking out new buy to let mortgages and those looking to refinance existing borrowing.
“TMW is entering an established part of the market to offer a range of competitive rates to landlords working to manage their costs, including for those with smaller amounts of capital invested.”