Buy to Let Mortgages

  • Loan amount based on rental income only
  • Lending for limited companies, expatriates and foreign nationals

2 Year Fixed Rates

Product code: B02123

5.09% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2010
Max LTV: 60%
Arrangement Fee: 3.75% of loan (minimum £895)‡

Product code: B02124

5.69% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2010
Max LTV: 50%
Arrangement Fee: 2.50% of loan (minimum £895)‡

Product code: B02125

5.74% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2010
Max LTV: 65%
Arrangement Fee: 2.50% of loan (minimum £895)‡

Product code: B02126

5.79% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2010
Max LTV: 70%
Arrangement Fee: 2.50% of loan (minimum £895)‡

Product code: B02127

6.89% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2010
Max LTV: 75%
Arrangement Fee: 0.75% of loan (minimum £895)‡

3 Year Fixed Rates

Product code: B03188

5.89% - 30.11.2011, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2011
Max LTV: 50%
Arrangement Fee: 2.75% of loan (minimum £895)‡

Product code: B03189

5.94% - 30.11.2011, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2011
Max LTV: 65%
Arrangement Fee: 2.75% of loan (minimum £895)‡

Product code: B03190

5.99% - 30.11.2011, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2011
Max LTV: 70%
Arrangement Fee: 2.75% of loan (minimum £895)‡

Product code: B03191

6.74% - 30.11.2011, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2011
Max LTV: 75%
Arrangement Fee: 0.75% of loan (minimum £895)‡

Product code: B03192

6.74% - 30.11.2011, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge
  • Free valuation**
  • Available via TMW Online only
  • Limited Company applications are not allowed
  • Remortgage only

Early Repayment Charge: 5% of capital repaid until 30.11.2011
Max LTV: 75%
Arrangement Fee: 1.00% of loan (minimum £895)‡

5 Year Fixed Rates

Product code: B19174

5.99% - 30.11.2013, thereafter 7.24% (BBR + 2.24%) 7.3% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 7% of capital repaid until 30.11.2009, 6% of capital repaid until 30.11.2010, then 5% of capital repaid until 30.11.2013
Max LTV: 50%
Arrangement Fee: 3.00% of loan (minimum £895)‡

Product code: B19175

6.29% - 30.11.2013, thereafter 7.24% (BBR + 2.24%) 7.3% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 7% of capital repaid until 30.11.2009, 6% of capital repaid until 30.11.2010, then 5% of capital repaid until 30.11.2013
Max LTV: 50%
Arrangement Fee: 1.50% of loan (minimum £895)‡

Product code: B19176

6.44% - 30.11.2013, thereafter 7.24% (BBR + 2.24%) 7.3% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 7% of capital repaid until 30.11.2009, 6% of capital repaid until 30.11.2010, then 5% of capital repaid until 30.11.2013
Max LTV: 65%
Arrangement Fee: 1.50% of loan (minimum £895)‡

Product code: B19568

6.59% - 30.11.2013, thereafter 7.24% (BBR + 2.24%) 7.2% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 7% of capital repaid until 30.11.2009, 6% of capital repaid until 30.11.2010, then 5% of capital repaid until 30.11.2013
Max LTV: 50%
Arrangement Fee: No Arrangement Fee

Product code: B19178

6.65% - 30.11.2013, thereafter 7.24% (BBR + 2.24%) 7.3% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 7% of capital repaid until 30.11.2009, 6% of capital repaid until 30.11.2010, then 5% of capital repaid until 30.11.2013
Max LTV: 75%
Arrangement Fee: 0.75% of loan (minimum £895)‡

Product code: B19179

6.68% - 30.11.2013, thereafter 7.24% (BBR + 2.24%) 7.3% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge
  • Free valuation**
  • Available via TMW Online only
  • Limited Company applications are not allowed
  • Remortgage only

Early Repayment Charge: 7% of capital repaid until 30.11.2009, 6% of capital repaid until 30.11.2010, then 5% of capital repaid until 30.11.2013
Max LTV: 75%
Arrangement Fee: 1.00% of loan (minimum £895)‡

Product code: B19177

6.74% - 30.11.2013, thereafter 7.24% (BBR + 2.24%) 7.3% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 7% of capital repaid until 30.11.2009, 6% of capital repaid until 30.11.2010, then 5% of capital repaid until 30.11.2013
Max LTV: 65%
Arrangement Fee: No Arrangement Fee

Product code: B19569

6.84% - 30.11.2013, thereafter 7.24% (BBR + 2.24%) 7.3% APR

  • Rental calculation based on pay rate
  • No Higher Lending Charge

Early Repayment Charge: 7% of capital repaid until 30.11.2009, 6% of capital repaid until 30.11.2010, then 5% of capital repaid until 30.11.2013
Max LTV: 75%
Arrangement Fee: No Arrangement Fee

2 Year Tracker Rates

Product code: B07547

4.99% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge

Early Repayment Charge: None
Max LTV: 60%
Arrangement Fee: 3.75% of loan (minimum £895)‡

Product code: B07548

5.49% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge

Early Repayment Charge: None
Max LTV: 50%
Arrangement Fee: 2.50% of loan (minimum £895)‡

Product code: B07549

5.59% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge

Early Repayment Charge: None
Max LTV: 65%
Arrangement Fee: 2.50% of loan (minimum £895)‡

Product code: B07550

5.69% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge

Early Repayment Charge: None
Max LTV: 70%
Arrangement Fee: 2.50% of loan (minimum £895)‡

Product code: B07045

5.89% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge
  • Free valuation**
  • Available via TMW Online only
  • Limited Company applications are not allowed
  • Remortgage only

Early Repayment Charge: 5% of capital repaid until 30.11.2010
Max LTV: 50%
Arrangement Fee: 2.00% of loan (minimum £895)‡

Product code: B07046

5.98% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge
  • Free valuation**
  • Available via TMW Online only
  • Limited Company applications are not allowed
  • Remortgage only

Early Repayment Charge: 5% of capital repaid until 30.11.2010
Max LTV: 65%
Arrangement Fee: 2.00% of loan (minimum £895)‡

Product code: B07049

6.29% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2010
Max LTV: 75%
Arrangement Fee: 1.25% of loan (minimum £895)‡

Product code: B07047

6.59% - 30.11.2010, thereafter 7.24% (BBR + 2.24%) 7.5% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge
  • Free valuation**
  • Available via TMW Online only
  • Limited Company applications are not allowed
  • Remortgage only

Early Repayment Charge: 5% of capital repaid until 30.11.2010
Max LTV: 75%
Arrangement Fee: 1.00% of loan (minimum £895)‡

3 Year Tracker Rates

Product code: B07050

6.14% - 30.11.2011, thereafter 7.24% (BBR + 2.24%) 7.3% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2011
Max LTV: 50%
Arrangement Fee: 1.50% of loan (minimum £895)‡

Product code: B07051

6.24% - 30.11.2011, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2011
Max LTV: 65%
Arrangement Fee: 1.50% of loan (minimum £895)‡

Product code: B07052

6.34% - 30.11.2011, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2011
Max LTV: 70%
Arrangement Fee: 1.50% of loan (minimum £895)‡

Product code: B07048

6.59% - 30.11.2011, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge
  • Free valuation**
  • Available via TMW Online only
  • Limited Company applications are not allowed
  • Remortgage only

Early Repayment Charge: 5% of capital repaid until 30.11.2011
Max LTV: 75%
Arrangement Fee: 1.00% of loan (minimum £895)‡

Product code: B07053

6.59% - 30.11.2011, thereafter 7.24% (BBR + 2.24%) 7.4% APR

  • Rental calculation based on pay rate + 0.50%
  • No Higher Lending Charge

Early Repayment Charge: 5% of capital repaid until 30.11.2011
Max LTV: 75%
Arrangement Fee: 0.75% of loan (minimum £895)‡

All arrangement fees may be added to the loan.  Interest will be charged

** Free valuations available to max property value £500k (£490).  Valuations in excess of £500k subsidised by £490.




Loan to Value

Multiple Property Landlords (Portfolio of 2 or more properties)
Maximum loan to value across portfolio held with The Mortgage Works is 75%
Where more than one property is held, rentals and Loan to Value ratios can be aggregated. 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)

75% for loans up to £350,000
65% for loans up to £1,000,000
50% for loans up to £1,500,000

 

Aggregate loans per applicant in excess of £1.5m will be assessed on a case by case basis (N.B. Portfolios held with TMW prior to 21st March 2008 are not affected).

Rental Cover

2 Year Products - 120%

3 Year Products - 115%
5 Year Products - 110%

 

  • Rental cover based on pay rate for all fixed rate products
  • Rental cover based on pay rate plus 0.50% for all tracker products

Foreign Nationals

We will lend to expatriates subject to satisfying Anti-Money Laundering requirements.

We may lend to foreign nationals residing abroad however consideration will be given on a case by case basis.

Foreign nationals are subject to 0.5% loading on rate (including revert to rate).  For foreign nationals and expatriates LTVs are reduced by 5%.  Foreign nationals must have a UK bank account.

Others

Minimum loan is £25,001.  With effect from 21 March 2008 aggregate loans per applicant in excess of £1m will be assessed on a case by case basis. (N.B. portfolios held with TMW prior to this date are not affected). The minimum property value is £60,000 (including all individual properties in a portfolio, regardless of its aggregate value).