The changes are designed to deliver even greater value by providing a wider choice of competitive and flexible product options.
The key changes to the Buy to Let products are:
- Introduction of a new 'Light Refurbishment Plus' range, with an initial LTV of 60%, for buy to let rental properties which may benefit from minor improvements, to be completed within 3 months of completion and prior to letting. The new products allow for refurbishment works up to £40,000, with rates starting from 4.99%.
- New 1 year tracker and 1, 2 and 3 year fixed rate incentivised remortgage products all at 75% LTV, including a 2 year fixed rate product with free standard valuation, free standard legal fees and £1,000 cashback.
- New 75% LTV products available with flat arrangement fees.
- Rates improved on selected products by up to 0.30%.
The key changes to the Residential Prime mortgage range are:
- Expanded range of remortgage products including 3 year fixed rates with free standard legal fees and standard valuations, and the availability of a 2 year fixed rate with £1,000 cashback.
- Rate improvements on selected products across the range for house purchase and remortgage customers.
Tracie Pearce, Head of Products for The Mortgage Works said:
"We have a track record of delivering top quality support and products to brokers and their clients. By making these changes, we believe The Mortgage Works is providing intermediaries access to an increased choice of creative and flexible mortgage solutions.
"Our longstanding approach of combining prudent lending with innovative products means we've been able to continue supporting brokers throughout the economic cycle."
