New 10-Year Buy to Let Fixed Rate from TMW

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TMW (The Mortgage Works) has a new selection of 10-year fixed rate mortgages for property investments with rates starting from just 2.74 per cent.

The deal is offered at their lowest ever rate for a 10-year fixed buy to let mortgage and is available up to 65 per cent loan-to-value (LTV). It comes with a £1,995 fee, free standard valuation as well as a £250 cashback.

This latest offering from TMW, the specialist buy to let arm of Nationwide Building Society, is expected to appeal to buy to let investors looking for long-term payment security.

The lender is also offering another 10-year fixed rate at 3.24 per cent, also available up to 65 per cent LTV, with the same £1,995 fee, free standard valuation and £250 cashback. However, there are no redemption charges after the first five years.

In addition to the new 10-year fixed rate buy to let mortgages, TMW has also reduced stress rates for selected longer term fixed rates and like-for-like remortgage products.

The stress rate for five-year fixed rate products up to 75 per cent LTV is being reduced from 4.99 per cent to 4.5 per cent, while the 10-year fixed rate mortgage at up to 65 per cent LTV has been slashed from 4.99 per cent to 4 per cent, or pay rate plus 0.75 per cent, whichever is higher.

Like-for-like remortgages between 65 per cent LTV and 75 Per cent LTV will see their stress rate cut from 5.5 per cent to 4.99 per cent.

TMW’s managing director, Paul Wootton, said: ‘The new 10-year fixed rate products offer competitive rates and a choice of ERCs to widen choice and increase flexibility for landlords, who are looking to manage their cashflow while maintaining long term payment security.

‘Along with recent improvements to our product proposition, this further illustrates TMW’s continued commitment to supporting brokers and landlords.’

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