Buy to Let 10 year fixed rate from TMW
The Mortgage Works (TMW) have recently released the only Buy to Let 10 year fixed rate currently in the market.
The product is a 10 year 4.99% fixed until 30/04/2025 with a maximum 75% Loan to Value
- Stress tested at 4.99% notional rate and 125% interest cover. That means for every £1 of rental income per month you can borrow £192.38
- Minimum property value is £50,000 but not available for HMOs
- No Minimum income requirements for experienced landlords
- Max age is 70 at application
Henry Jordan, MD of TMW, said “TMW’s 10-year fix will fill a gap in the market that has seen a trend towards opting for longer term options. With longer term fixed rate buy-to-let mortgages available at historically low rates, now could be the perfect time for both experience and first-time landlords to lock in payments.”
Additional Product features:
- Reverts to The Mortgage Works Managed Rate (Issue 7) – currently 4.99% (variable)
- Available for Purchase and Remortgage
- Available to first time landlords for Purchase only
- Early repayment charge: 7% of remaining balance until 30.04.2019, 6% of remaining balance until 30.04.2020, 5% of remaining balance until 30.04.2021, 4% of remaining balance until 30.04.2022, 3% of remaining balance until 30.04.2023, 2% of remaining balance until 30.04.2024, 1% of remaining balance until 30.04.2025
- Proof of personal income is not required, except for:
• First time landlords/first time buyers
• Experienced landlords who are non-owner occupiers (purchase only)
Please see our Buy to Let Mortgage Calculator for further details on costs and how much you can borrow: Click Here
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Member Since January 2015 - Comments: 8 - Articles: 3
9:30 PM, 14th January 2015, About 11 years ago
It’s a great product and one that will make other lenders think about what they can offer.
I don’t think it will be to long before there are other options available in the market but it’s good to see that TMW have been first to react with something that landlords have been asking for.
It really is a good time to be financing new property purchases and perhaps revisiting facilities already in place.
Member Since July 2013 - Comments: 357
8:00 PM, 17th January 2015, About 11 years ago
Hi Neil
Is there arrangement fees with this Product
Member Since January 2015 - Comments: 8 - Articles: 3
1:07 AM, 18th January 2015, About 11 years ago
The arrangement fee is £995.00. This can however be added to the loan.