Henry Jordan, managing director of The Mortgage Works, said: “TMW’s let-to-buy range mirrors our standard buy-to-let products on rate and term up to 75 per cent loan-to-value.
“This provides let-to-buy customers with access to rates starting from 2.49 per cent and an improved choice of fee options. As a sector, let-to-buy has become a key route for customers entering into buy-to-let and these changes reflect its growing importance.”
Key features:
Aimed at catering for both first-time and experienced landlords
Rates start from 2.49 per cent up to 60 per cent LTV and 2.89 per cent up to 75 per cent LTV
Two, three and five-year fixed rates and two-year trackers
Range of fee options including £995 and no fee
Lifetime variable option, which tracks the TMW managed rate of 4.99 per cent and comes with a limited early redemption charge period of six months.
Adviser verdict
Andrew Montlake, communications director at London-based Coreco, said: “This is a sensible move from TMW and is good news for borrowers who want or need to retain their existing property. Let-to-buy is a growing market and this move shows that there is no reason to discriminate price wise between let-to-buy and the wider buy-to-let market.”
