The additional self-cert deals include a three-year fix at 5.63 per cent and a three-year tracker at Bank Base Rate (BBR) plus 0.74 per cent, which has a pay rate of 5.99 per cent. The two-year self-cert tracker has been reduced to BBR plus 0.33 per cent.
The deals are available up to £1 million at 85 per cent loan-to-value (LTV) and arrangement fees are now percentage based with a minimum of £595. The three-year fixed and two-year tracker products both have arrangement fees of 1.5 per cent, while the three-year fixed has a fee of 0.5 per cent of the loan amount.
A ‘switch to fix’ option is also available on two and three-year self-cert trackers at 5.99 per cent, and all end dates have been extended to 31 March.
The BTL fixed rate deals, except for the two-year fixed at 4.44 per cent, are available to 90 per cent loan-to-value (LTV) and 100 per cent rental calculations are also available.
Matthew Wyles, group development director for TMW, said: “This is a very dynamic market and TMW is responding with more innovation. Two of our self-cert trackers now allow borrowers to switch to any of our fixed rate products by simply paying the new product’s arrangement fee.”
Kevin Paterson, managing director of Park Row Mortgages, commented: “It sounds attractive on the face of it, but the sting in the tail is the fee. It’s false economy as far as the mortgage intermediary is concerned. I don’t like this trend for higher fees and I’d rather lenders be open and honest, because it just creates problems down the line for brokers and their clients.”
