mortgage works

TMW increases rates across product offering

From tomorrow, Thursday 25th April, The Mortgage Works (TMW) is set to make a number of rate changes across its new business and existing customer switcher product ranges.

In its new business buy-to-let (BTL) range, a number of 2- and 5-year deals between 55% loan-to-value (LTV) and 75% will see rate increases.

In addition, its two 10-year products at 4.89% and 4.99% will be withdrawn from market.

Selected new business let-to-buy, large portfolio, limited company buy-to-let and limited company house in multiple occupation (HMO) products will also see increases.

For existing customers, selected 3-year and 5-year buy-to-let products from 55% to 75% LTV will see rate increases.

A number of HMO, large portfolio BTL, large portfolio HMO, limited company BTL and limited company HMO products for existing customers will also be affected by these increases.

A spokesperson at The Mortgage Works said: “At The Mortgage Works we remain committed to supporting landlords.

“However, the current economic outlook has led to the cost of funding rise.

“Unfortunately, like other lenders we are not immune from this and must continuously review our rates to ensure they remain sustainable.”