The Mortgage Works has made several changes to its lending criteria with effect from June 3 including buy-to-let mortgages now available at 90% LTV.Rental cover is now based on pay rate for all fixed rate products, and on pay rate plus 0.50% for tracker deals. Rental income is now non-status to 70% LTV and 100% rental cover is available on all three and five-year fixed rate products for an additional 1% arrangement fee, which may be added to the loan. First-time landlord criteria is now available to 85% LTV and new tracker products have been launched. Paul Howard, director of intermediary sales for TMW, says: “The improved LTV ratios and rental in-come requirements are competitive and bolster our position in the buy-to-let sector.” Andrew Montlake, partner at Cobalt Capital, adds: “The change in the LTV bandings together with a more realistic rental calculation will assist everyone and should help cement TMW’s position as a leading buy-to-let provider.”
- Top trends
The dividing line between bending over backwards to help someone buy a home and being an irresponsible lender is getting finer.
Portman has denied that it was 24 hours away from a 30bn merger with the Yorkshire as reported in the national press last week. Portman, which in March unveiled plans to merge with Lambeth, was rumoured to have rejected a deal with the Yorkshire because of a fallout over the product range the group would […]
Retirement Plus has appointed Graham Bignell as senior relationship manager for the South-East.Bignell has 29 years experience in the mortgage industry and until recently worked as account manager and lifetime specialist for Standard Life, where he was responsible for developing product propositions and coordinating sales campaigns. Prior to joining Standard Life, he spent 11 years […]
Three new companies will be distributing Unity Homeloans mortgages. Unity is the lender created by intermediaries to serve the needs ofintermediaries and backed by Investec.Primrose Mortgage Processing, Countrywide Mortgage Centres and NicheMortgage Solutions, based in London, Bedford and Reading respectively, haverecently become members of the PMPA, sole distributor of Unity products. There are now 15 […]
Value stocks have significantly underperformed growth stocks in Europe in the past decade. However, Rob Burnett, manager of the Neptune European Opportunities Fund, believes we are now approaching an inflection point. Watch the video below to find out more. In the video, Rob discusses: How low inflation and loose monetary policy since the global financial […]
News and expert analysis straight to your inboxSign up