Rate switch window has more than doubled from six to 13 weeks
Buy-to-let lender The Mortgage Works (TMW) is increasing the window in which existing borrowers can switch to a new deal from six weeks to 13 weeks, effective Thursday, February 16.
Implemented due to broker feedback, the new extended window applies to all switcher products in TMW’s range.
“We have listened to the feedback from brokers about how important it is to have a longer window to secure the best mortgage rate available,” Daniel Clinton, head of specialist lending at The Mortgage Works, said. “We hope this change continues to demonstrate our commitment to supporting our existing landlord customers who are coming to the end of their current TMW deal.”
Tony Field, sales director at national brokerage Dynamo, added that increasing the current window for product transfers to 13 weeks was an excellent move that would give brokers plenty of time to secure a new rate for their clients.
“I think that the ability to switch products during the period before the rate expires is really important in an ever-changing market and will be received very positively by brokers,” Field said.
TMW, the buy-to-let mortgage lender of Nationwide Building Society, has also recently reduced rates on selected BTL products across its new business range.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter.
