Customers can opt for £350 cash-back instead, if they prefer. Changes are effective from Wednesday 13 April 2011.
The new offers form part of a package of changes to TMW's Buy to Let range, including:
- MARKET LEADING one-year tracker rate at 2.49% (BBR + 1.99%) up to 65% LTV for purchase/remortgage, 3.50% arrangement fee.
- New one-year and two-year fixed rate products[1], including the one-year fixed rate at 3.39% (up to 75% LTV) and two-year fixed rate at 5.49% (up to 65% LTV)
Tracie Pearce, TMW's head of product management and pricing, said:
"The free standard valuation and free standard legal fees will be a real boost for buy-to-let purchase customers. These additions complement our existing range of incentive options and provide even more choice to brokers and landlords.
"We've also made improvements to existing products, further enhancing our competitive position."
Other changes and improvements to the TMW Buy to Let range include:
- Improvements to selected one-year fixed and tracker rates across the range, including selected products on the Let to Buy and First Time Landlord ranges.
- Free standard valuation and free standard legal fees for remortgage customers.
- Extended range of fixed rate products up to 80% LTV.
- Rate improvement on two-year step down tracker, now available up to 75% LTV.
Rental cover
From 13 April 2011, the rental cover requirement for 80% LTV Buy to Let products will be at least 125% of the monthly payment, based on the product pay rate or 5.99%, whichever is higher.
The rental cover requirement for Buy to Let products below 80% LTV remains unchanged.
