The Mortgage Works is giving the buy-to-let sector a boost by raising the LTV on its core product range from 70% to 80%.
The specialist arm of Nationwide Building Society is now offering a one-year fixed deal from 4.69% with a 2.5% arrangement fee and a 5.69% deal with a 1.5% arrangement fee.
Other options include a one-year tracker product at 4.69% with a 2.5% arrangement fee and a two-year fixed rate at 5.99% with a 2.5% arrangement fee, both up to 80% LTV.
Tracie Pearce, head of products at The Mortgage Works, says the LTV hike demonstrates its commitment to the housing market.
She says: “We are the only lender offering this level of borrowing, which will help landlords who don’t have big deposits. “We are continuing to take a prudent approach to lending while offering landlords and intermediaries access to innovative and flexible mortgage solutions.”
Mike Fitzgerald, sales director at Emba group, says: “The Mortgage Works has a can-do attitude and is more helpful than some lenders when it comes to submitting cases. With house prices starting to creep up this is a good time for it to increase its LTV.
“This should also help to move the buy-to-let market along and encourage other lenders to raise their LTVs or get back into the market.”