Key changes & new products:
- 20%annual overpaymentallowance extended to all products. 20% of the balance outstanding can be repaid each year without incurring an Early Repayment Charge. The capital repayment allowance cannot be accrued year-on-year.
- Rates improved by up to 1.40% with highlights including:
- 2yr fixed rate for House Purchase & Remortgage, 2.24%, 1.5% arrangement fee, 70% LTV
- 2yr tracker rate for Remortgage, 1.99% (BBR+ 1.49%), 1.5% arrangement fee, free standard valuation and standard legals, 70% LTV,
- 2yr fixed rate for House Purchase, 2.99%, £595 arrangement fee, free standard valuation and £250 cashback, 70% LTV
Other highlights include:
- Selected arrangement fees reduced by 0.50%
- New range of two-year fixed rates for house purchase with free standard valuations & £250 cash back
- Five-year tracker introducedat 2.99% (BBR+2.49%) with £995 fee up to 75% LTV
- End dates will also be extended on all products
A TMW spokesperson said:
"These exciting changes further enhance our commitment to delivering intermediaries and their customers even greater value. For example, with the extension of overpayments on all products to 20%, customers will now be able to overpay more of their mortgage, which could be appealing in the low interest rate environment.
"What's more, with the rate improvements and new products, brokers and their customers will now have an even better range from which to choose."
David Hollingworth, Head of Communications, London & Country Mortgages said:
"Customers are always pleased to see interest rates cut and the more competitive mortgage market is great news for borrowers. TMW's generous overpayment facility of 20% per annum without any early repayment charge is double the typical allowance.
"It's a feature that will prove attractive to those borrowers looking to make the most of the low rate environment by eating into their debt more rapidly through overpayments."
