Product highlights include:
• Two-year fixed rates (purchase/remortgage), available up to 70% LTV, with rates starting from 2.15%
• Three-year fixed rates (purchase/remortgage), available up to 70% LTV, with rates starting from 3.09%
• House purchase and remortgage rates starting from 2.09%, with selected products available with free standard valuations for purchase customers and free standard legal fees and standard valuations for remortgage customers.
In addition, there will be a number of changes across the range, including the introduction of a 20% p.a. capital repayment allowance for customers taking out selected new tracker rate products.
Commenting, Tracie Pearce, head of product management and pricing at The Mortgage Works, said: “TMW is committed to tailoring its products to cater for all borrowing needs and the changes we’ve announced today are further evidence of this.
“For example, customers taking out selected tracker rates will be allowed to overpay their mortgage by up to 20% per year without incurring early repayment charges. This is a great feature for anyone wanting the added flexibility of making larger overpayments on their mortgage.”
David Hollingworth of London & Country Mortgages, said: “With customers increasingly keen to take advantage of the current low rate environment and reduce their mortgage more quickly by overpaying, any additional product flexibility allowing a greater level of penalty free overpayments is to be welcomed. It’s refreshing to see the likes of The Mortgage Works venturing into this arena.”
Other TMW Residential mortgage products with no arrangement fees, free standard valuation and cash back options continue to be available.
