- Easy to use Buy to Let calculator
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Loan amount based on rental income only.
‡ All arrangement fees may be added to the loan (with the exception of the £150 up front, non refundable, booking fee. Applicable on easy remortgage products with free valuation, free legals, or cashback options). Interest will be charged.
Single Property Buy to Let
† Products available through TMW Online and TMW Direct. Only available for single property applications. For exceptions please refer to TMW rate guide.
Switch to Fix Option
Switch to Fix option allows a client to switch to a Buy to Let new business Fixed Rate at any time during the benefit period without incurring Early Repayment Charges (ERC).
Only available for non-regulated Buy to Let subject to meeting criteria.
Other Information
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All products available as interest only, capital repayment, or a combination of the two.
- 10% capital repayment allowance per annum with no early repayment charge on all products.
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Where fees are added to the loan, interest will be charged.
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Interest charged monthly.
Should a multiple property landlord wish to purchase or remortgage a single property to The Mortgage Works, the evidence of portfolio ownership is required (e.g. completion statement combined with a current rental agreement).
Loan To Value Limits (purchase or remortgage)
70% for loans up to £350,000 (unless otherwise stated)
65% for loans up to £1,000,000 (unless otherwise stated)
50% for loans up to £1,500,000 (unless otherwise stated)
Maximum overall borrowing per customer: 70% LTV: £1,500,000, 65% LTV: £5,000,000 (N.B. Portfolios held with TMW prior to 21st March 2008 are not affected).
Rental Cover
All Products: 125%
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Fixed Rates: Based on product pay rate or 4.99%, whichever is higher
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Tracker Rates: Based on product pay rate plus 0.50% or 4.99%, whichever is higher
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Stepped tracker rates: Based on the highest year pay rate + 0.5% or 4.99%, whichever is higher
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Variable Rate: Based on product pay rate + 0.5% or 4.99%, whichever is higher
First Time Landlords
Buy to Let new business products are available for the first time landlords (for purchase only), classified as applicants who have not owned and let a buy to let property for the last six months.
Subject to:
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Max 70% LTV (customers purchasing over 65% LTV must choose from the Let to Buy range).
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First time landlords must be owner occupiers (with or without a mortgage)
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The applicant(s) must have owned their residential property for at least 6 months at the time of application
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Loan purpose: to purchase a new buy to let property
(First time landlords, classified as applicants who have not owned and let a buy to let property for the last six months, remortgaging their existing residential property as a buy to let must choose from the Let to Buy product range).
Foreign Nationals
Foreign nationals must have been resident in the UK for at least three years prior to application and must have a permanent right to reside. Foreign nationals must have a UK bank account.
Others
Minimum loan for new business is £25,001. Minimum loan for further advances is £2,500. The minimum property value is £60,000. (Unless otherwise stated).
