View more on these topics

TMW increases LTV to 80%

The Mortgage Works is giving the buy-to-let sector a boost by increasing its LTV from 70% to 80% on its core range.

The specialist arm of Nationwide is now offering one-year fixed rates from 4.69% with a 2.5% arrangement fee or a 5.69% deal with a 1.5% arrangement fee.

Other options include a one-year tracker at 4.69% with a 2.5% arrangement fee and a two-year fixed rate at 5.99% with a 2.5% arrangement fee, all up to 80% LTV.

Tracie Pearce, head of products at The Mortgage Works says the increase in the LTV on its buy-to-let range demonstrates its commitment to supporting the housing market. 

She says: “We are the only lender to offer this level of borrowing which will help landlords without a large deposit.  The Mortgage Works continues to have a long standing prudent approach to lending, offering landlords and intermediaries access to innovative, flexible mortgage solutions.“

Mike Fitzgerald, sales director at Emba group, says: “TMW has a can do attitude and are more helpful then some lenders when it comes to submitting a case. With house prices starting to creep up again now is a good time for it to increase its LTV. It should also help to move the buy-to-let market along and encourage other lenders to increase their LTVs and re-enter the market.”

David Whittaker, managing director of Mortgages for Business, says: “Finally we’re seeing a lender move the pieces on the chess board in a positive way. We’ve been waiting for two years for upbeat news in the buy–to-let market and TMW have made it clear they feel as optimistic as we do about buy to let’s future.

“Many portfolio landlords have been unable to expand over the last 18 months as they have reached their maximum with the mainstream lenders.

“They will welcome the news that alternative options at higher LTVs are becoming available. It will be interesting to see how other lenders react to this move from TMW. I’m sure they will follow suit, what’s not certain is how quickly they’ll decide to do so.”

Recommended

SOPHIE HALL

Use your contacts to help you branch out

I see that Tesco intends to diversify into construction and build four mini-villages in the South-East. It has also earmarked developments in Ipswich and the North-East. The first of these plans was given the green light by Lambeth Council recently, when it gave permission to build 200 homes, a bus depot and an ice rink […]

1

Any room for optimism?

In the wake of an election result that posed as many questions as answers, much of the discussion moved to what impact the continued uncertainty could have. 

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • Geoff Laird 10th May 2010 at 4:07 pm

    I congratulate TMW on this change of criteria; it perhaps suggests an improved level of confidence in this sector; if other lenders also decide on a similar change in the LtV then perhaps this could kickstart the sector providing it is restricted to those with a proven track record of investing in residential property.

  • paul joyner 10th May 2010 at 10:55 am

    some genuine good news from a good solid lender, lets hopoe this spurs other lenders into more competitive loan to values to give everyone a better deal

  • Paul 10th May 2010 at 10:55 am

    As stated this is great news for the sector however further competition is required with the hope of more realistic arrangement fees. BTL clients are being penalised with the fees at present, this needs to change.

  • Paul Shephard 10th May 2010 at 10:48 am

    At long last some good news in this sector … lets hope a few more lenders follow suit !!!

  • Gregg Davies 10th May 2010 at 10:36 am

    this is surely good, profitable business for TMW, and a step in the right direction towards what we all need