The Mortgage Works returns to 80% LTV lending

July 1, 2021

The Mortgage Works (TMW) has resumed lending to 80% LTV on its buy-to-let, let to buy, large portfolio and limited company range of mortgages.

The mortgages are only available on properties with an EPC rating of at least C, as the lender looks ahead at a potential regulatory change which could make a C rating a minimum requirement for all tenancies by 2028.

The lender is offering a 2-year fix at 2.49% and a 5-year fix at 2.99%, both with a 2% fee.

For limited company landlords meanwhile 2-year fixes cost 2.79% and 5-year fixes 3.49%, with a 2% product fee.

TMW had halted 80% LTV lending in the height of the pandemic.

head of The Mortgage Works, said: “The Mortgage Works is one of the UK’s largest buy to let lenders and we always look to offer a wide range of mortgages for landlords.

“We are pleased to return to lending at 80% loan to value, giving further options for those with a smaller deposit.

“Buildings are the second largest source of emissions in the UK and we want to continue to do our bit to help tackle climate change.

“With impending regulation on the horizon affecting minimum EPC standards across the PRS, we are taking pro-active measures through our lending proposition to support the transition.

“Providing BTL mortgages on A-C rated properties at higher LTVs is a prudent step and follows on from the recent launch of our first ever Green deal for existing customers seeking to make energy improvements.”

The products are available for purchase and remortgage, while there are other combinations of rate and fee available.

The Department of Business, Energy and Industrial Strategy (BEIS) is leading the ‘Improving the energy performance of privately rented homes’ consultation which is currently looking to increase the EPC requirement to a C rating for all tenancies by 2028.

TMW is also reintroducing a range of buy to let mortgages with no product fees.

The remortgage rates start from a competitive 1.99% at 65% LTV with free valuations and standard legals.

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