TMW hikes proc fee for new large portfolio mortgage range

Nationwide Building Society’s specialist buy-to-let arm The Mortgage Works has introduced new products for landlords with more than ten mortgaged properties.

 

The new range for larger portfolio landlords will come with an increased procuration fee for brokers; an additional 0.10 per cent on top of the standard fee. The same larger proc fee will also apply to the limited company products currently being piloted by TMW.

 

The range for larger portfolio landlords will include a selection of products for purchase, remortgage and further advances at 75 per cent and 80 per cent loan to value. 

 

Products are available with free valuation and free standard legals or £250 cashback.

 

TMW managing director Paul Wootton says: “As part of our commitment to landlords and brokers, we recognise both the specialist needs of those landlords with larger portfolios and those using limited companies, and the extra work involved as a result for brokers supporting them.”

 

The new remortgage products will start at a rate of 2.34 per cent for a 2-year fix at 65 per cent LTV with a £995 arrangement fee, free standard valuation and free legals.

 

For purchase or remortgage, rates for the up to 75 per cent LTV product start at 2.59 per cent with a £995 fee, free standard valuation and a £250 cashback. 

 

For the 5 year fixed rate products, for remortgage rates start at 2.79 per cent for the up to 65 per cent LTV product with a £995 fee, with free standard valuation and free legals.

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