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.”