News Article
The Mortgage Works launches a new large loans proposition
Date: 21.07.2008The Mortgage Works has launched a new large loans proposition enabling intermediaries to apply for loans of up to £5million for their clients.
The large loans offering, which is initially being offered to around twenty intermediary firms, means brokers with high net worth clients can apply for loans of between £500,000 and £5million (a maximum LTV of 65% applies to £5million, 75% LTV is only available up to £3million). Both tracker and fixed rates products are available over a two, three or five year term.
Andy McQueen, managing director of The Mortgage Works, said the new proposition could be an excellent opportunity for brokers whose clients fit the criteria to write more business. He commented: "Brokers who have prime, high net worth clients who have the ability to repay these large loans may benefit from this additional suite of products with which to service their clients. The addition of a premier service in London dedicated to supporting intermediaries applying for these products means brokers, and their clients, are also guaranteed excellent service levels."
Full details of TMW's new large loans proposition can be found below.
Notes to editors:
Intermediaries requiring further information about the products and services offered by The Mortgage Works should contact their business development manager or visit www.themortgageworks.co.uk
For further information please contact:
Lucinda Devine, Communications Manager, Nationwide Building Society
020-7826-2188, 07725-680-865, Lucinda.Devine@nationwide.co.uk
Full products details of TMW's new large loans proposition:
| Fixed rate products | Initial pay rate | |
| Two year fixed rate 0.25% fee (min. £895) |
65% LTV | 6.84% |
| 75% LTV | 6.89% | |
| Three year fixed rate 0.25% fee (min. £895) |
65% LTV | 6.79% |
| 75% LTV | 6.84% | |
| Five year fixed rate No fee |
65% LTV | 6.59% |
| 75% LTV | 6.64% | |
| Tracker rate products | Description | Initial pay rate | |
| TWO YEAR TRACKER PRODUCTS | |||
| 1.25% fee | 65% LTV | BBR + 0.74% | 5.74% |
| 75% LTV | BBR + 0.84% | 5.84% | |
| 0.75% fee | 65% LTV | BBR + 0.99% | 5.99% |
| 75% LTV | BBR + 1.09% | 6.09% | |
| 0.25% fee | 65% LTV | BBR + 1.24% | 6.24% |
| 75% LTV | BBR + 1.34% | 6.34% | |
| No fee | 65% LTV | BBR + 1.34% | 6.34% |
| 75% LTV | BBR + 1.49% | 6.49% | |
| THREE YEAR TRACKER PRODUCTS | |||
| 1 % fee | 65% LTV | BBR + 0.98% | 5.98% |
| 1.25% fee | 75% LTV | BBR + 0.99% | 5.99% |
| 0.50% fee | 65% LTV | BBR + 1.08% | 6.08% |
| 0.50% fee | 75% LTV | BBR + 1.24% | 6.24% |
| 0.25% fee | 65% LTV | BBR + 1.24% | 6.24% |
| 0.25% fee | 75% LTV | BBR + 1.34% | 6.34% |
| No fee | 65% LTV | BBR + 1.29% | 6.29% |
| No fee | 75% LTV | BBR + 1.39% | 6.39% |
N.B. 65% LTV up to a maximum of £5,000,000
75% LTV up to a maximum of £3,000,000