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
Rate changes
From tomorrow, Saturday 2 March, we’ll be increasing selected New Business rates across our Buy to Let and Large Portfolio product ranges.
Our Limited Company, HMO, and Let to Buy product ranges remain unchanged.
We will also be extending End Dates across all New Business products.
Visit our website for full details, or download our New Business product guide below.
Interest Cover Ratio reductions
We’re pleased to let you know that from tomorrow, Tuesday 5 March, we’re reducing the following minimum ICRs:
- For higher rate taxpayers, the ICR reduces to 160% from 165%
- For Limited Company and lower rate taxpayers, the ICR reduces to 125% from 130%.
The minimum ICR for Houses in Multiple Occupation will remain at 175%.
Existing Portfolio Rental Calculation stress rate update
We will also be reducing the Existing Portfolio Rental Calculation stress rate to 4.50% from 5.00%.
Pipeline
Should you now wish to see if further lending is available to your client, please do the following:
- If a full mortgage application has been submitted, email your request to [email protected]
- If the case is at the pre-application stage, you just need to amend the DIP.