Prime Residential
There will be new fixed and tracker rate mortgages added to the TMW Prime Residential range, as well as improvements to existing products.
New products include:
- Two-year trackers from 3.49% (BBR+ 2.99%) with no Early Repayment Charge (ERC) after 31 July 2011
- Two-year Stepped trackers from 2.19% (BBR+ 1.69%) in year one, with free standard valuation
- Two-year fixed rate at 3.99% with free standard valuation – purchase only
- Two-year fixed rate product at 4.59% with £250 cash-back, free standard valuation and no arrangement fee – purchase only
- Two-year fixed rate at 4.99% with free standard valuation and standard legal fees and £500 cashback – remortgage only
- Additional two-year Step Down tracker available up to 85% LTV
Enhancements to existing products:
- Improvements of up to 0.20% on selected fixed rates across the range.
Tracie Pearce, Head of Product Management and Pricing at The Mortgage Works, said:
“We’ve strengthened the competitiveness of our Prime Residential range by introducing several new products, as well as improving the rates on selected existing products.
"This is great news for intermediaries, as there is a wider choice of residential mortgage deals to suit a variety of needs; for example, there’s a unique new two-year tracker with a shorter ERC period, which will benefit customers seeking short-term flexibility.”
Buy To Let
There will also be new fixed and tracker rate products for the TMW Buy to Let mortgage range, including a new Lifetime Variable product on the First Time Landlord range, as well as a number of enhancements to existing products.
New products include:
- Expanded range of one-year trackers with rates from 2.74% (BBR+ 2.24%)
- Two-year fixed rate product options with no arrangement fee from 5.74%
- Lifetime Variable product at 4.99% on the First Time Landlord range
- Two-year fixed rate at 4.59% on the Let to Buy range
- Two-year Stepped Tracker starting at 3.39% (BBR+ 2.89%) in year one
- 18-month fixed rate product at 4.34%
Changes to existing products:
- Improvements of up to 0.35% across the range
- 65% LTV tier introduced for selected fixed and tracker product rates
- The maximum loan size to increase to £300,000 on a range of flat fee products
- Let to Buy Lifetime Variable product now with flat fee
Tracie Pearce said:
“By introducing a new LTV tier on a variety of products, a wider range of customers will be able to access our lower rate options.
"Furthermore, by increasing the number of products with no arrangement fee, in addition to percentage based and flat fee options, intermediaries and borrowers have greater flexibility and choice.”
