"By adding a further advance product to our range, we are responding to feedback we’ve been getting from both landlords and brokers alike."
The new further advance is available as a two-year or five-year fixed rate option up to 80% LTV covering a range of product fees. Rates start from 2.94% and 2.99% respectively.
Also from Wednesday 13th April, TMW will be introducing a limited company version of its green further advance. A rate of 2.99% will be available for loans of between £2,500 and £15,000 up to a maximum of 75% LTV and which comes with no product fees. Landlords can opt for a two or five-year fixed product. The whole loan must be used to fund a range of sustainable home improvements – examples include the addition of solar panels, window upgrade/replacement, boiler upgrade, air source heat pumps and electric car charging points.
Daniel Clinton, head of lending at The Mortgage Works, said: “TMW has been supporting the limited company buy-to-let market since 2018 and, by adding a further advance product to our range, we are responding to feedback we’ve been getting from both landlords and brokers alike. The new further advance will support those landlords who are seeking to raise capital in order to expand their portfolios.”
