These include interest rate reductions of up to 0.80% on trackers and up to 0.95% on fixed rate products. A number of new products will also be added to the range. All changes take effect tomorrow.
Key changes include:
• Rate improvements across all trackers and selected two, three and five-year fixed rates
• New five-year fixed rate products for purchase and remortgage customers
• Further Advance range introduced, with products available up to 85% LTV
• Subsidised valuations now available on remortgage free legal products above £500,000
Highlights include:
• Five-year fixed rate at 3.99%, available up to 70% LTV, 0.5% arrangement fee
• Two-year capped tracker at 2.69% (BBR + 2.19%, capped at 3.69%), available up to 70% LTV, £995 arrangement fee
• Two-year tracker at 2.29% (BBR + 1.79%), available up to 70% LTV, 1% arrangement fee with 20% capital repayment allowance per annum
Tracie Pearce, TMW’s head of product management and pricing, said: “These improvements to our residential mortgage range come hot on the heels of the improvements we made to our buy-to-let range earlier this week.
“There is ongoing uncertainty over the Bank of England base rate so, whichever camp you’re in, you’ll be pleased to know that we’re reducing many of the rates on fixed, tracker and capped tracker rate products. We’re introducing some new products too, including five-year fixed rates for purchase with free standard valuations and a new further advance range, giving intermediaries even more choice for their clients.”
Ray Boulger, John Charcol’s senior technical manager, said: “Although TMW has a much more comprehensive range of mortgage options for new borrowers than most lenders, up to now it has not offered further advances. Therefore the addition of some further advance options, including up to 85% LTV for home improvements, is a welcome enhancement to the product range. It is also helpful that, obviously subject to normal underwriting, the purpose or amount of the further advance up to a total of 80% LTV is only restricted by TMW’s normal criteria.”
There will also be a withdrawal of all 18-month fixed rate products and selected five-year fixed rate products.
TMW’s guarantor and buy-to-let mortgage ranges remain unchanged.
