TMW introduces 10-year fix buy-to-let mortgages

by Aaron Strutt

Dec 05 2018

The Mortgage Works has introduced a range of 10-year fix buy-to-let mortgages.

Landlords will need a 35% deposit to qualify for 10-fixes and the rates have £1,995 arrangement fees. One of the mortgages has early repayment charges for five years, rather than the full 10-years. 

The specialist buy-to-let arm of Nationwide Building Society has also cut the rental stress rates for selected longer-term fixed rates to provide larger mortgage loans.

Most buy-to-let lenders use the rental income generated from a property to work out the maximum loan size. If your property generates £1,500 rental income each month and you’re a basic rate taxpayer, the maximum loan size will increase from £285,577 to £360,000 if you take a ten-year fix. For higher rate taxpayers, the improved calculations mean applications can borrow around £360,000 which is up from £248,773.

Aaron Strutt, product director at Trinity Financial, says: “The new longer-term fixed rate products provide competitive rates and long-term payment security. Coventry for Intermediaries is the other mainstream lender offering buy-to-let ten-year fixed rates.”

Call Trinity Financial on 020 7016 0790 to secure a buy-to-let 10-year fix

Source: TMW website