New Buy to Let Stepped Tracker Mortgage products

The Mortgage Works has introduced a new range of Buy to Let Stepped Tracker mortgage products.

According the The Mortgage Works (TMW) these mortgage products are unique to the Buy to Let market and offer a wider choice to customers.

Tracie Pearce, Strategic Product Marketing Manager, The Mortgage Works said: “We want to offer our customers choice and flexibility when choosing a mortgage product.  The new range features Stepped Buy to Let Tracker products with rates from Bank of England Base Rate + 4.14% (4.64%), stepping down to Bank of England Base Rate + 2.14% (2.64%) in the second year.

These products are unique to the Buy to Let market, designed to help landlords budget against potential Base Rate increases.”

There’s also a

• new 1 year Buy to Let fixed rate mortgage at 3.99%, with a 3% fee
• 3 year Buy to Let fixed rate mortgage at 5.99%, reduced from 6.24%, with a 1.5% fee

First time landlords, classified as applicants who have not owned and let a buy to let property for the last six months, remortgaging their existing residential property as a buy to let must choose from TMW Let to Buy product range.

A new 2 year tracker rate has been introduced into the Let to Buy mortgage range at 3.99% with a 3.5% fee. The maximum LTV has also been increased to 70% LTV.

For all products the maximum loan value is £1.5 million and all give the option to overpay up to a maximum 10% per year without incurring an early repayment charge.

The Mortgage Works (TMW) is a subsidiary of Nationwide Building Society. It offers a range of specialist products available direct to customers (via its contact centres) and through professional mortgage intermediaries.

TMW prides itself in offering innovative mortgage products and providing a first class service to customers through a dedicated business development and sales support team.