The POSO service will initially be available on a number of its buy-to-let (BTL) fixed rate products, with the intention of extending the facility to further TMW products in the future.
POSO will be available on deals including a two-year fixed rate BTL at 6.59 per cent, a three-year fixed rate at 6.49 per cent and a five-year fixed rate at 6.29 per cent. The deals are available on remortgages only, up to 75 per cent loan-to-value, with a 0.5 per cent arrangement fee. TMW offers a free valuation with a £250 cashback.
Andy McQueen, managing director of Nationwide Specialist Lending, which incorporates TMW and UCB Home Loans, said: “This is a fantastic development for TMW. Not only does the instant POSO strengthen our online proposition, it also underlines our commitment as a specialist lender. Instant POSO will greatly improve the online experience for brokers and will speed up the mortgage application process from start to finish.”
Thomas Reeh, chief executive of blackandwhite.co.uk, said: “TMW has a very good reputation and while it’s competition pulled back rates and criteria, it stood tall and that’s good to see. It’s British owned and it has taken a prudent approach. This technology will put it on a level pegging with BM Solutions and GMAC-RFC. My only concern is that we can’t make the same mistakes as the US, as the technology relies on automated valuation models and that’s what upset the US market.”
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