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
Stress rate update and product launch
From tomorrow, Wednesday 5 October, we’ll be applying a minimum stress rate of 8.49% on all new applications. This change is an interim measure to protect landlord cashflows during a period of interest rate turbulence. Pipeline applications and switchers are not affected.
Our affordability model remains under review and we intend to launch a more tailored approach to stress rates in due course.
We’ll also be introducing additional fixed rate options for both new and existing customers