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Good News! The Mortgage Works (TMW) has launched Limited Company Buy-to-Let, this is what portfolio landlords have been waiting for a high street lender joining in the niche area.
Unfortunately starting off small TMW has chosen limited distribution of the product instead of going whole of market.
The products are competative such as:- TMW 2.99% 2 Year Fix at 75% LTV with £1,995 fee.
Is comparable to- Paragon 2.99% 2 Year Fix 75% LTV with £1,265 fee.
With reports in the press that 80% of New Business being LTD Company BTL its good to see lenders such as TMW joining in.
More lenders to follow..
_________________________________________________________________________My posts are not financial advice, just a rambling guy passing time on a coffee break.The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance._________________________________________________________________________
move in the right direction
I like TMW
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
I like TMW but their fees are hefty but good to see them join in
But 2K for only a 2 yr fix no thank you . 5yr or 10 yr fix yes I would consider it if I was incorporating
2K goes a long way to pay my Sec 24 tax bill so personally I wont be taking the offer up
Jonathan Clarke. http://www.buytoletmk.com
I agree with you again
I have always said you need a larger reason than S24 to go down the director route
Typicaly the fee can be added but TMW does have a "fee free" product but as you guessed the rate is higher.I think the £2k fee is the same for 5 year fixes as well.
Though you are certainly right ! £2k is not a drop in the pond.
I really like the way TMW offer a customer another deal online when the old one ends
Product Switch? a lot of lenders do that - not always most cost effective but certainly quick & easy process.
I took the hit with the fee and always added it on and just added it to my LTV calculations
At £83 pcm for a 2 yr fix it is a significant cost even if spread out over a 20 yr term which puts it at about £8 pcm which is not too painful . It compounds up as well though when you go for the next deal because you don`t tend to pay it off but carry it over
. Its only because the sums are relatively large that it largely goes unnoticed Even @ a 5 yr fix it was £33 pcm but if it cash flowed @ £400 is was bearable and if prices were rising at 5% then on a 100K unit that was a £416 pcm built in growth so I rationlised it like £33 pcm out of a £800 pcm or so profit was ok
I had big plans so I had to do what it took to get ahead .
A 2K fee on the never never wasnt going to get in my way
.As you say the no fee ones are higher rates. If they dont get you one way they will get you another
Except with my BM pride of the fleet rate of a brilliant 0. 74% below BBR rate
You wont see that again in a hurry
When rates came down I paid £0 pcm - BM still owe me for that - Happy days
A little update on this, i wrote "unfortunately starting off small TMW has chosen limited distribution".
The Pilot was a success and TMW has released the offering to all Mortgage Intermediaries (well from tomorrow).So if your broker did not have access to it before. They do now!They offer some great BTL products, whilst others may have varying criteria the new products have competitive rates.
Always liked TMW and Nationwide for personal. Got loads with TMW and only stopped using them when they stopped lending to me when they moved offices as my portfolio was suddenly too condensed so therefore considered risky.
Bolton, Bury, Heywood, Radcliffe, Rochdale, Blackburn, Darwen, Wakefield, Bradford and Wilmslow............. Condensed, if you are flying a plane, maybe. But computer says no, so hey ho.
Be careful if you have a portfolio in London, Birmingham and Edinburgh :-)
Still love TMW though.