TMW intros ltd company loans, Newcastle refreshes interest-only PTs

Img

The Mortgage Works launches limited company buy-to-let products, while Newcastle for Intermediaries refreshes its interest-only product transfer process.  

The Mortgage Works, the landlord loans arm of Nationwide Building Society, will add free legal options for limited company BTL on its two and five-year fixed rate remortgage loans from tomorrow. 

Also, its houses in multiple occupation range will now include two and five-year fixed rate products that come with £1,495 and no fee options. 

New free legal products include: 

  • Limited company BTL two-year fixes at 3.99% up to 75% loan to value with a 3% fee (remortgage only) – comes with free valuation and free standard legals 
  • Limited company BTL five-year fixes at 4.57% up to 75% LTV with a 3% fee (remortgage only) – comes with free valuation and free standard legals

New houses in multiple occupation products include: 

  • Limited company houses in multiple occupation two-year fixes at 5.34% up to 75% LTV with a £1,495 fee (purchase, remortgage and further advance) 
  • Limited company houses in multiple occupation five-year fixes at 5.39% up to 75% LTV with a £1,495 fee (purchase, remortgage and further advance) 

The Mortgage Works senior manager Joe Avarne says: “These latest changes broaden our product range and give landlords further choice in what is an ever-growing limited company BTL market and put The Mortgage Works front of mind for landlords looking to remortgage to a new lender.” 

Meanwhile, Newcastle for Intermediaries has refreshed its product transfer options for existing interest-only customers approaching maturity, with reduced rates starting at 3.99%. 

The unit, which is part of Newcastle Building Society, says the move is designed “to make it easier for brokers to retain interest-only customers with competitive pricing and a fast, online transfer process”. 

It adds that existing customers can secure exclusive transfer rates, lock in a new rate up to three months before their mortgage reaches maturity and apply entirely online through the lender’s product transfer tool. 

Newcastle Building Society head of intermediary mortgages Franco Di Pietro says: “By extending support to existing interest-only customers, our aim is to give brokers a practical, attractive option to keep those customers on their books, with real savings, a quick online transfer process and the peace of mind of being able to secure a rate ahead of maturity.  

“This results in greater certainty for customers and a simpler process for brokers.”


More From Life Style