TMW launches BTL deal

The Mortgage Works

Type: Fixed rate range

Description: TMW has introduced new buy-to-let mortgage deals on a fixed rate basis. The rates range from 5.49 per cent to 6.99 per cent for loans up to January 2011; 5.89 per cent for up to January 2012, 5.99 per cent to 6.69 per cent up to January 2014 and 5.99 per cent and 6.24 per cent up to January 2019.

Conditions: The deals come with maximum loan-to-value rates of between 65 per cent and 75 per cent. Arrangement fees are set at either a minimum of £595 or between 0.5 per cent and 2 per cent of the loan value. Early repayment penalty fees apply.

Verdict: The rates seem fairly competitive for the bottom end of the range. The arrangement fees are neither outrageous although it would be better if TMW charged a flat fee for the higher end of the range. TMW is taking advantage of the fact that people with existing buy-to-let deals will be coming off their fixed rate terms.

Rating: Three stars out of five