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Loan amount based on rental income only
- Lending for limited companies, expatriates and foreign nationals
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Easy to use Buy to Let calculators
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%
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Rental cover based on pay rate for all fixed rate products
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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).
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