Buy to Let 10 year fixed rate from TMW

by Neil Patterson

17:03 PM, 13th January 2015
About 4 years ago

Buy to Let 10 year fixed rate from TMW

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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.buy to let 10 year fixed

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

Contact Property118 for assistance

  • Please give us a few details so we can investigate and call you back

 



Comments

Mark Alefounder

21:30 PM, 14th January 2015
About 4 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.

Neil Robb

20:00 PM, 17th January 2015
About 4 years ago

Hi Neil

Is there arrangement fees with this Product

Mark Alefounder

1:07 AM, 18th January 2015
About 4 years ago

The arrangement fee is £995.00. This can however be added to the loan.


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