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The Mortgage Works has launched a fresh selection of 10-year fixed rate mortgages with rates starting from 2.74%.
The specialist buy-to-let arm of Nationwide Building Society hopes that the historically low rate deal, available at up to 65% loan-to-value (LTV) with a £1,995 fee, free standard valuation as well as a £250 cashback, will appeal to landlords seeking long-term payment security.
Nationwide Building Society's buy-to-let business is also offering borrowers a 10-year fix at 3.24% at up to 65% LTV, again with a £1,995 fee, free standard valuation and £250 cashback, but they will only have to pay early redemption charges if they leave in the first five years.
TMW has also reduced stress rates for selected longer term fixed rates and like-for-like remortgage products.
The stress rate for the five-year fixed rate products up to 75% LTV is being reduced from 4.99% to 4.5%, while the 10-year fixed rate mortgage at up to 65% LTV has been slashed from 4.99% to 4%, or pay rate plus 0.75%, whichever is higher.
Like-for-like remortgages over 65% LTV and up to 75% LTV will see their stress rate cut from 5.5% to 4.99%.Full/source articleTo access the these new products and the best range of property mortgages and finance, call the PT Brokers Team on 0333 363 6507.Here is a reprise of "Finance Trending Topics Week":Monday - Launch of "Finance Trending Topics" Week - discussing financing trends and the week ahead/Basic criteria to qualify for a BTL mortgage.Tuesday - Brexit from the broker's perspective/Is the BTL sector in decline?Wednesday - Mortgages for the self-employed/HMO mortgages in the light of new regulationsThursday - Lending for landlords in later life/Moving from small to portfolio landlord Friday - Mortgages for landlords letting to tenants in receipt of housing benefit/Universal Credit + mortgages for landlords who do not own their own homeTo access the these new products and the best range of property mortgages and finance, call the PT Brokers Team on 0333 363 6507.SEE ALSO - Lenders reducing limited company BTL ratesUP NEXT - Fix for 2y or 5y?DON'T MISS - Shawbrook help experienced investors step upNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
It's certainly a good product, if you compare it to its other 10 Year Fixed competitors.
Over the term (10 years) its over £4k cheaper.
The stereotype landlord, likes flexibility which this product does not give. Tieing landlords in for 10 years unable to sell or release equity, The Early Repayment Charge in the first 4 years being 7% of the loan amount. The product has to be taken seriously with a landlord, taking a long term view fitting into their business plan.
_________________________________________________________________________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._________________________________________________________________________
Would anyone know if TMW includes an option to overpay by 10% each year, with this 10 year fix?
These are restricted to 10% overpayment of the outstanding balance per year. You are free to make lump sum or regular overpayments to this mortgage at any time.
Over 10% then Early Repayment charges.
So its a great product to give you certainty and be able to pay down, as long as it fits in with your business plan. No intention to sell the property in next 10 years or remortgage to release equity.
Hi, Yes all my TMW btl mortgages allow 10% overpayment each year
Thank you Hollywood. It sounds like it could offer some security in these uncertain times, certainly worth considering. Does anyone think, this offer signals the bank's view of long term interest rates?
I always look at the long term rate for 5 year deals, with 10 year deals they have to be even more sure when lending for that length.
Perfectly reasonable product, but my question would have to be about the confidence people have in the sector to take these products on? None of us know what attack this govt, or any future one, may have lined up for us - particularly mortgaged landlords - so is there a will to be tied in for 10-years? You’d have to be pretty confident to commit to that, right?
I think with this particular mortgage, you're only tied in for the first five years! It sounds pretty good to me, especially as the lending ratios are more lenient, it being a longer fix.
Do we know if these are repayment or interest only morts?
Personal only - although TMW offer to LTD they are not offering this product to LTD...
DISCLAIMER just my personal opinion - for legal advice consult a qualified professional grown-up.