TMW offers new BTL products and ups minimum stress rate | Mortgage Strategy

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The Mortgage Works (TMW) is launching a range of two- and five-year fixed buy-to-let (BTL mortgages.

The new BTL products include a one-year fixed at 75% loan to value (LTV) at 4.64% with a 2% fee, a two-year fixed at 65% LTV at 5.04% with a 3% fee and a five-year fixed at 65% LTV at 5.14% with a 3% fee. 

The lender has also announced it will be updating its stress rates. 

Following significant changes in BTL interest rates and the wider economy, TMW will increase the minimum stress rate on BTL mortgages to 8.49%. 

The lender says the change is “an interim measure to better protect landlord cashflows during a period of interest rate turbulence”. 

TMW says its affordability model remains under review and it intends to launch a more tailored approach to stress rates in due course.

TMW head Daniel Clinton says: “These new BTL mortgages offer our most competitive rates to landlords who want to fix their repayments and manage their cashflow.”


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