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
Updates to TMW Online and Stress Rates
From tomorrow, Tuesday 6 December, we’re updating TMW Online. To support the affordability assessment, product selection will now be made when submitting a Decision in Principle (DIP).
Also on Wednesday 7 December, we are reducing stress rates for lower rate taxpayers whilst updating our stress rate policy for Further Advance applications.
For full details of these changes please visit our website.
Important information on product selection
The product will not be reserved until the full mortgage application (FMA) is submitted. Any pipeline DIP’s which have not proceeded to FMA by 8pm today, Monday 5 December, will need to be resubmitted. However, a second credit check will not be needed within 60 days.