TMW to offer large loans up to £5m

Advisers have welcomed The Mortgage Works’ large loans proposition, which will enable intermediaries to apply for loans of up to £5m for their clients.

The large loans offering, which is initially being offered to around 20 intermediary firms, means brokers with high net-worth clients can apply for loans of between £500,000 and £5m.

However, a maximum loan-to-value of 65 per cent applies to £5m while a maximum of 75 per cent LTV is only available on deals worth up to £3m. Both tracker and fixed-rate products are available over a two, three or five-year term.

Andy McQueen, managing director for The Mortgage Works, said the proposition could be an excellent opportunity for brokers whose clients fit the criteria to write more business. He said: “Brokers who have prime, high net-worth clients who have the ability to repay these large loans may benefit from this additional suite of products with which to service their clients. The addition of a premier service in London dedicated to supporting intermediaries applying for these products means brokers, and their clients, are also guaranteed excellent service levels.”

Alex Pegley, director for Hampshire-based Calculis, said it was something the market needed as liquidity was missing in all sectors. He said: “We often think that high net-worth individuals have enough money to fund whatever they want. But even they are feeling the pinch. Anything that brings more liquidity into the market is a good thing.”