The Mortgage Works launches 50% LTV products

The Mortgage Works launches 50% LTV products

The Mortgage Works has launched a new series of 50 per cent loan to value (LTV) products with a two-year fix.

The specialist buy-to-let arm of Nationwide Building Society has also reduced its rates on existing 50 per cent LTV products by 0.1 per cent.

The new two-year fixed products have a rate of 1.49 per cent with a £1,995 fee and 1.59 per cent with a 1 per cent fee.

There is also a choice of products with free standard valuation and free legals, or free valuation and £250 cashback which start at rates of 1.54 per cent and 1.64 per cent respectively.

Paul Wootton, managing director of TMW, said: "TMW is offering landlords a range of new 50 per cent LTV buy-to-let deals with competitive rates in the market, with the aim of helping landlords to manage ongoing costs and offer a wider choice of options.”

Existing 50 per cent LTV products with no arrangement fee are being reduced by 0.1 per cent, with those with free standard valuation and free legals starting at 2.14 per cent, and those with free valuations and £250 cashback at 2.24 per cent.

Alan Lakey, director of Highclere Financial Services, said: "TMW is a respected specialist buy-to-let lender that simply has to get it right otherwise it has nothing to fall back on. Pleasingly they have demonstrated this ability over the years and these products are very appealing.

"The fixed fee will appeal to lower loan sizes whilst the 1 per cent  fee is better for larger size loans.

"These products will certainly prove popular as will the 5-year fixes where the maximum loan calculation is more generous."