TMW launches new deals to landlords with large deposits
The specialist buy-to-let arm of Nationwide Building Society, The Mortgage Works (TMW), is to expand its range of mortgage products for landlords with a 50% deposit after they were offered for a limited period.
The deals are only available to buy-to-let borrowers with an equity stake of at least half of the property’s value.
The new mortgages are open to borrowers purchasing a property to let as well as those wanting to remortgage an existing property.
They start at an interest rate of 2.19% for a five-year fixed rate with a £1,995 fee or 2.49% with no fee. Both of these options come with free valuations and either free standard legals or £250 cashback.
Smaller deposit deals
The lender is also reducing selected five-year fixed rate mortgages by up to 0.20% for landlords with 35% upfront, and up to 0.45% for those with 25% to put down.
Rates for the 65% loan-to-value products now start at 2.59% with a £1,995 fee, and the 75% deals start at 2.69%, also with a £1,995 fee.
Paul Wootton, managing director of TMW, said: “After a positive reception to a new range of 50% LTV buy-to-let deals, we are extending this tier for both purchase and remortgage applications as well as making reductions to the five-year fixed rate range.
“In the light of increased speculation that a Base Rate rise may be imminent, we are continuing to widen the choice for those seeking longer term payment security and offer competitive rates to landlords working to manage their costs.”