From Thursday 6 December, we'll be changing selected Buy to Let rental stress rates.
Plus, we're introducing two new 10 year fixed products available up to 65% LTV, with the option of either 5 or 10 year ERCs.
Changes to Buy to Let rental stress rates
5 year fixed products
- We're reducing our stress rate from 4.99% to 4.50% for all applications up to 75% LTV.
10 year fixed products
- We're reducing our stress rate from 4.99% to 4.00% (or pay rate +0.75% if higher) for all applications up to 65% LTV.
- We're reducing our stress rate from 5.50% to 4.99% for like-for-like remortgage applications between 65% and 75% LTV.
All other stress rates remain unchanged.
New 10 year fixed products
- New 10 year fixed products available up to 65% LTV, with the option of either 5 or 10 year ERCs, available at 3.24% and 2.74% respectively.
- Each product includes a £1,995 fee, free standard valuation and £250 cashback.
- Please note, these products replace our current 10 year fixed product.
We'll consider requests to increase the loan amount on applications that have already been submitted on a case-by-case basis. And from tomorrow, you can calculate the new maximum borrowing using our updated calculator.
To request a change to a case in the pipeline, please email us at TMW.firstname.lastname@example.org and include:
- applicant name and account number
- new loan amount to be considered, and
- any other changes to be considered e.g. new product code.