TMW brings back 80% LTV mortgages

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The Mortgage Works is reintroducing 80 per cent LTV buy-to-let mortgages to its range from 22 March.

The lender pulled 80 per cent options and only lent to 75 per cent LTV in May 2016 following Government tax changes.

The increase applies to purchase and remortgage products for first-time and experienced landlords, as well as let to buy.

The same criteria applies to apply to products available through the firm’s limited company range, which is currently being piloted.

Two-year fixed rate 80 per cent LTV products start at 2.99 per cent with a 2 per cent fee and 3.99 per cent with no fee, and are available for purchase and remortgage.

Five-year fixed rate deals start at 3.59 per cent with a 2 per cent fee and 4.19 per cent with no fee.

The maximum LTV for buy-to-let mortgages on houses of multiple occupation will increase from 65 per cent to 75 per cent.

TMW will stress applications of above 75 per cent LTV at 5.99 per cent or pay rate plus 2 per cent, whichever is higher, for terms of less than five years.

The stress rate is 4.99 per cent for terms of five years or more.  The maximum loan per property is £350,000.

Nationwide director of specialist lending Paul Wootton says: “TMW is extending its range of mortgage products to include loans at up to 80 per cent LTV to give greater choice and more options for landlords, including those taking out new buy-to-let mortgages and those looking to refinance existing borrowing.”

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