TMW 1year 1% existing customer BTL switch productMake Text Bigger
The Mortgage Works (TMW) yesterday launched a Buy to Let switch option for existing customers coming to the ending of their initial deal product terms.
To support their existing customers during the emergency lockdown they are also expanding the whole range of switcher products to offer landlords more options to manage their cashflow through the emergency
The product is:
- 1 Year 1.00% Fixed until 31/08/2021, reverting to the TMW managed rate currently 4.74% variable
- Maximum 65% Loan to Value
- 2% arrangement fee
- 1% penalty until 31/08/2021
- Overall cost for comparison is 4.7% APRC
Click here to download the full range of existing customer switch rate options
Nationwide’s director of mortgages, Henry Jordan said: “The impact of Covid-19 has led to uncertainty in the property market and some landlords are looking to manage their cashflow as they navigate the coming months.
“Some may be reluctant to lock into a long term mortgage deal, so the Society has introduced a new one-year fixed mortgage with its lowest ever rate, to support these landlords.”
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