BTL alterations go ahead from The Mortgage Works
Tracie Pearce, head of group mortgages, product and pricing for the Nationwide subsidiary, unveiled an early repayment charge-free one-year tracker and a series of fixed-rate deals.
The one-year tracker is available at 65 per cent and 75 per cent loan-to-value starting from 3.64 per cent with a 3.5 per cent fee.
TMW has also launched a two-year tracker at 3.99 per cent, available up to 65 per cent LTV with £1000 cashback and a 3.5 per cent fee.
Ms Pearce also said selected BTL two-year fixed rates, at 65 per cent and 75 per cent LTV, were being reduced by 0.15 percentage points, while selected two-year BTL trackers at the same LTVs would be cut by up to 0.25 percentage points.
She said: “Supported by feedback from our intermediaries, we have relaunched one-year tracker products with no early repayment charge and increased our flat-fee options on the range, giving even more choice and flexibility to landlords.
“We have also taken the opportunity to enhance our product range, increasing the number of market-leading products right up to 80 per cent LTV, reinforcing our competitive and comprehensive BTL proposition.”
Matthew Rich, IFA for Avon-based Alan Seward Financial Services, said: “We have used TMW a lot in the past as it tends to do higher LTVs and be a bit more lenient on income requirements.”