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TMW launches new let-to-buy range

TMW launches new let-to-buy range

The Mortgage Works (TMW) has introduced a new range of “let-to-buy” products.

The lender says let-to-buy has become an increasingly popular option to give homeowners greater flexibility. Let-to-buy allows customers to purchase another property while becoming a landlord of their current residential property by securing a let-to-buy mortgage on it.

Aimed at catering for both first time and experienced landlords, the new TMW let-to-buy range will have the same rates and fees as the standard buy-to-let range up to 75% loan-to-value (LTV).

The new range includes:

  • Products with rates starting from 2.49% up to 60% LTV and 2.89% up to 75% LTV
  • Two, three and five-year fixed rates and  two-year trackers
  • Range of fee options including £995 and £0

There is also a Lifetime Variable option, which tracks the TMW Managed Rate of 4.99% and comes with a limited Early Redemption Charge (ERC) period of six months.

Henry Jordan, managing director of The Mortgage Works, said: “TMW’s let-to-buy range will now mirror our standard buy-to-let products on rate and term up to 75% loan-to-value. This provides let-to-buy customers access to rates starting from 2.49% and an improved choice of fee options.  As a sector, let-to-buy has become a key route for customers entering into buy-to-let and these changes reflect its growing importance.”