The Mortgage Works Buy to Let – 1 year fixed rates
|1 yr Fixed||1.00%||31/12/2022||2%||65%|
The Mortgage Works Buy to Let – 2 year fixed rates
|2 yrs Fixed||1.99%||31/12/2022||£1,995||65%|
|2 yrs Fixed||2.49%||31/12/2022||£995||65%|
|2 yrs Fixed||2.99%||31/10/2023||£0||65%|
The Mortgage Works Buy to Let – 3 year fixed rates
|3 yrs Fixed||2.34%||31/12/2024||£1,995||65%|
|3 yrs Fixed||2.64%||31/12/2024||£995||65%|
|3 yrs Fixed||3.09%||31/12/2024||£0||65%|
The Mortgage Works Buy to Let borrowers can switch rates online with us
TMW Buy to Let existing customers – product switching with our simple online service
We provide buy to let mortgage advice for TMW borrowers wishing to switch rate:
- without meetings
- without paperwork
- without fuss
- without broker fees
We can secure an excellent range of TMW BTL mortgage rates for you including:
The Mortgage Works Buy to Let – 5 year fixed rates
|5 yrs Fixed||2.64%||31/12/2026||£1,995||65%|
|5 yrs Fixed||2.79%||31/12/2026||£995||65%|
|5 yrs Fixed||3.19%||31/12/2026||£0||65%|
The Mortgage Works Buy to Let – 10 year fixed rates
|10 yrs Fixed||2.74%||31/12/2031||£1,995||65%|
About The Mortgage Works – TMW
The Mortgage Works are owned by Nationwide Building Society and are second only to the Lloyds Banking Group terms of buy to let mortgage market share in the UK.
Why do The Mortgage Works perform so strongly in the buy to let arena?
Primarily, mortgage interest rate. The Mortgage Works price very competitively and this makes them a prime source for landlords.
There also some factors in mortgage underwriting criteria used by The Mortgage Works that attract business, we set out some of these below.
The Mortgage Works – underwriting advantages
Age at application
For experienced landlords at under 65% loan to value, The Mortgage Works have no maximum age for application.
Corporate let’s can be accepted where tenancy holders are larger companies
Maximum and Minimum Borrowing
Maximum lending and loan to value is generous at up to 80% loan to value at maximum £350,000 borrowing , rising to 50% loan to value at £1,500,000.
The Mortgage Works have a minimum property value of £50,000 and a minimum mortgage level of £25,001. These figures are favourable for those who invest in the North where some other lenders will not consider the properties.
Mortgage offer term
TMW mortgage offers are valid for six months and borrowers can apply for a two-week extension further to this. The Mortgage Works borrowers should be aware that they cannot apply for an extension once an offer has expired.
The Mortgage Works will allow you to make a lump sum or regular overpayment up to 10% of the initial balance over each 12 month period following completion. If you keep within these limits you will not pay an early redemption charge.
The Mortgage Works does allow porting on buy to let mortgages where a sale of the original property and purchase of the new property is completed on the same day. This is useful where a landlord wishes to avoid paying an early redemption penalty. Please remember that porting is available for the product, not the mortgage, so the new mortgage does have to be fully underwritten.
The Mortgage Works will require an assured shorthold tenancy agreement on each property (or short assured tenancy and private residential tenancy in Scotland). They will also lend on HMOs under multiple tenancy agreements.
Evidence of rental payments including copies of rental agreements may be requested to support applications.
The Mortgage Works – underwriting reasons for caution
The Mortgage Works, as is common with most buy to let lenders, will not lend if a family member will be renting or residing in the property.
Where properties are purchased under a private sale the lender will be interested in any relationship between the borrower and the vendor, and if the purchase price is at full market value. The Mortgage Works are not interested in purchases more than 10% below the market value unless sold by a recognised developer.
Lending on let to buy properties is limited to £500,000 at 70% loan to value or £350,000 at 80% loan to value.
TMW limit the lending on HMO properties to £500,000 at 75% loan to value or £750,000 at 65% loan to value.
As with all lenders there will be a concern where there is excessive exposure on lending within the Group. This can be particularly tight at higher loan to values and you should speak to your broker.
TMW and Let to Buy
The Mortgage Works will only accept remortgages after the property has been owned and let for a minimum of six months. This does not make them a suitable home for let to buy lending, nor remortgage following purchase and refurbishment.
Where a tenancy has proportion of the rent paid upfront (under what is known as a premium lease agreement) this can restrict the loan to value on buy to let mortgages with The Mortgage Works.
Persons buying properties sourced by investment clubs or property clubs will not be considered by the lender.
TMW do not like applications where there are second charges already on the property. Fine if these are to be repaid but otherwise can only be considered as a concession and limited to 50% loan to value.
Vendor as Tenant
If the vendor of the property intends to become the tenant to reside in the property after completion that would not be acceptable to The Mortgage Works. For this reason they are not a suitable lender for sale and rent back agreements.
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