The new additions to the guarantor mortgage range include £395 flat fee products at 75% and 85% LTVs with rates from 3.29%, options for purchase and remortgage including £1,000 cash-back and/or free standard valuation, and a range of 3-year capped trackers, with the rate capped at 1% above the initial pay rate. Rates start from 3.89% (BBR+ 3.39%.)
The changes to the existing guarantor mortgage product range include improved rates on all existing full and limited liability guarantor mortgages, products with 2% arrangement fees have been replaced with 1% fee options, while limited liability guarantor products with £895 arrangement fees have been replaced with £395 fee options. Corresponding rates have been adjusted.
A selected range of fixed rate and tracker rate products were withdrawn from the range at the close of business on Thursday 28 October 2010.
Tracie Pearce, head of product management and pricing at The Mortgage Works, said: “I’m delighted to announce further improvements to our guarantor mortgage range, which reaffirms our commitment to first-time buyers.
“Our guarantor mortgage range includes both full and limited liability options, the latter of which enables those who can guarantee a smaller proportion of the loan to help a close relative get on the property ladder.”
