The new option from TMW, part of the Nationwide group, is the longest fixed rate product in the Buy to Let sector and is currently the only 10 year deal for landlords on the market.
The new product is available up to 75% LTV at 4.99% with a £995 fee.
TMW is also launching new 5 year fixed rate products at 80% LTV starting at 4.49%, and reducing rates for the 5 year fixed at 75% LTV starting at 4.19%.
All 5 year and 10 year fixed rate deals continue to be stressed at 4.99% with a rental cover requirement of 125%.
Henry Jordan, Managing Director of TMW, said:
“TMW’s 10 year fixed rate product is currently the only option in the market for those landlords looking to secure their payments for the long term. It will fill a gap in the market that has seen a trend towards opting for longer term options. With longer term fixed rate Buy to Let mortgages available at historically low rates, now could be the perfect time for both experienced and first time landlords to lock in payments against future rate rises.
“With our lowest stress rate of 4.99% applicable on all fixed rate terms of 5 years or more, regardless of LTV, our new 5 year fixed rate deals at 80% LTV will be particularly attractive to landlords with smaller deposits.”
