The Mortgage Works has released a product update. For their latest products visit the product page on their website or the news section of their intermediary website. A summary of the changes is below. Contact us for more information.
TMW Announcement
Affordability stress rate reductions
We want to help landlords borrow more. Which is why we have reduced our stress rates by 0.50% on new Buy to Let applications where the LTV is 65% or below and:
- Product is a 5 year fixed term, or
- Application is a like for like remortgage (all fixed product terms)
We’ll now apply a stress rate of 4.00% or pay rate, whichever is higher.
There are no changes to the stress rate applied for Limited Company applications.