To review the 2015 TMW buy to let range call 0800 048 8828.
At Deal Direct we have access to all lenders buy to let mortgage ranges including that of The Mortgage Works, which is the buy to let arm of the Nationwide.
Change to TMW BTL lending criteria:
The lender advises that it now stress tests landlords who apply for a mortgage between 65% to 75% LTV, using a rate of 5.49%. The reason for this decision is to strengthen the ability of landlords to withstand any future interest rate increases. The first increase to the BoE base rate is predicted for the middle of next year.
Applicants of all fixed rate mortgage terms of 5 years and above will be stressed tested at 4.99% regardless of the LTV.
Other news from the lender into 2015 is a new six month rent guarantee and legal expenses cover. The cover is through Rentguard Insurance and offers protection to landlords should their tenant fail to pay their rent. The 6 months offered is for the loss of rent up to a maximum of £2,500 and for legal fees up to a maximum of £25,000
To compare all 2015 TMW deals against the wider market for the most competitive mortgage for your deposit, call an adviser at Deal Direct.
NB:
- We are authorised by the FAC to offer mortgage advice only.
- We cannot offer financial or investment advice as to the suitability of buy to let as an investment.
- Not all mortgages are regulated by the FCA.
We can find you the right mortgage to help you invest in property and so call us on 0800 048 8828.
