Buy to Let Let to Buy Product Guide 28.10.14 Product Highlights • First Time Landlords purchasing now accepted up to 80% LTV • 4.14% 2 year fixed, up to 80% LTV, 2.50% arrangement fee • 4.99% 2 year fixed, up to 80% LTV, £995 arrangement fee For literature requests, product and lending criteria information call For a decision in principle and case updates call 0800 545 31 31 08000 30 40 40 or log on to themortgageworks.co.uk for further copies of the product guide, lending criteria or application form. or email [email protected] FOR INTERMEDIARY USE ONLY These rates are for intermediary use only and do not include APRs which customers need when selecting a mortgage product. This product guide should not be shared with customers. Details of our APRs can be found when applying for the product from your mortgage sourcing system. Houses in Multiple Occupation Buy to Let Product Guide 28.10.14 Buy to Let Buy to Let: All purchase products available to First Time Landlords. Product 2 Year Fixed until 31/12/2016 PUR REM F/A 2 Year Tracker until 31/12/2016 2.64% Product code B22892 80% LTV Rate Product code Rate Product code Arrangement fee (% fees min £595) 2.99% B22895 4.14% B22915 2.50% 3.64% B22896 £1,995 3.84% B22902 £1,995 + £150^^ 2.84% B22893 3.89% B22897 4.99% B22916 £995 2.99% B22901 4.09% B22903 5.29% B22904 £995 + £150^^ 3.24% B22894 4.29% B22898 £0 3.39% B03806 4.19% B03803 £995 3.89% B19650 4.49% B19646 £995 2.74% (BBR + 2.24%) B07953 2.50% Lifetime Variable Rate 75% LTV 3 Year Fixed until 31/12/2017 5 Year Fixed until 31/12/2019 60% LTV Benefit abbreviations: FV – Free Standard Valuation FL – Free Standard Legals 2.39% (BBR + 1.89%) B07960 2.59% (BBR + 2.09%) B07961 £1,995 Benefit FV & FL^ FV & FL^ Switch to Fix 3.64% (BBR + 3.14%) B07954 £995 3.79% (BBR + 3.29%) B07955 £995 + £150^^ FV & FL^ Switch to Fix 4.99% B08058 £995 Switch to Fix ^ (Exclusions/additional charges may apply). Please see TMW website criteria page for full terms and conditions and a list of non-standard fees your client may have to pay Maximum property value £500,000 on free standard valuation products ^^ Non-refundable booking fee payable on application For single properties and portfolios operated on the basis of one property per account All products followed by The Mortgage Works Managed Rate for the remainder of the term (currently 4.99% variable unless otherwise stated) 2 Buy to Let Product Guide 28.10.14 Buy to Let Let to Buy: Applicants remortgaging existing owner occupied property as Buy to Let. There must be a simultaneous onward purchase of a new residential property. A copy of onward purchase mortgage offer must be provided prior to completion (if new residential property is purchased by way of mortgage). Product 2 Year Fixed until 31/12/2016 PUR REM F/A 60% LTV Rate 75% LTV Product code Rate Product code Arrangement fee (% fees min £595) 2.99% LB2371 2.50% 2.64% LB2368 3.64% LB2372 £1,995 2.84% LB2369 3.89% LB2373 £995 3.24% LB2370 4.29% LB2374 £0 3 Year Fixed until 31/12/2017 3.39% LB0335 4.19% LB0336 £995 5 Year Fixed until 31/12/2019 3.89% LB1903 4.49% LB1904 £995 2.74% (BBR + 2.24%) LB7045 2.50% 2 Year Tracker until 31/12/2016 Lifetime Variable 2.39% (BBR + 1.89%) LB7043 2.59% (BBR +2.09%) LB7044 £1,995 3.64% (BBR + 3.14%) 4.99% LB7046 £995 LB0817 £995 Benefit Switch to Fix Switch to Fix HMO (Houses in Multiple Occupation): For experienced landlords. A property occupied by five or more people or with five or more lettable rooms in an area commensurate with multi letting. Houses in Multiple Occupation must not have more than 4 habitable storeys. Specialist Security valuation fee scale applies. Paper applications only. Follow on rate 5.19% variable. Product PUR REM F/A 1 Year Fixed until 31/12/2015 2 Year Fixed until 31/12/2016 65% LTV Rate Product code Arrangement fee (% fees min £595) 4.49% B01278 3.50% 5.49% B22905 3.50% 5.99% B22906 3.50% + £150^^ Benefit £1,000 Cashback ^^ Non-refundable booking fee payable on application For single properties and portfolios operated on the basis of one property per account All products followed by The Mortgage Works Managed Rate for the remainder of the term (currently 4.99% variable unless otherwise stated) 3 Buy to Let Product Guide 28.10.14 Additional information Rates are only secured once a full application and any applicable fee(s) have been received. 10% of the balance outstanding can be repaid each year without incurring an early repayment charge. The capital repayment allowance cannot be accrued year-on-year. This allowance is not available if the whole loan is being repaid, i.e. it is only available for partial repayments. Switch to Fix option allows a customer to switch to a new business fixed rate, within the same product range, at any time during the benefit period without incurring Early Repayment Charges. Free Standard Valuation and Free Standard Legal Fee products are not available for the following: Paper applications submitted via third party packagers, further advances, product switches and porting an existing mortgage. Maximum Loan Per Property Product/Customer Type Buy to Let First Time Landlords Let to Buy HMO LTV Rental Income Ratio Required All products 125% (except HMO 150%) Fixed rates: Up to and including 75% LTV based on product pay rate or 4.99%, whichever is higher. Fixed rates: Above 75% LTV based on product pay rate or 5.99%, whichever is higher. Tracker/Variable rates: Based on product pay rate + 0.5% or 4.99%, whichever is higher. Buy to Let exposure with Nationwide Group of over £1m (before or after new loan): • Fixed rates: new property application based on product pay rate or 5.99%, whichever is higher. • Tracker/Variable rates: new property application based on product pay rate +0.5% or 5.99%, whichever is higher Maximum Loan ≤50% £1,500,000 ≤65% £1,000,000 ≤70% £500,000 ≤80% £350,000 ≤70% £500,000 Early Repayment Charges 2 Year and 3 Year Fixed Rates 5% during term of the product 5 Year Fixed Rates 7% until 31/12/2015 then 6% until 31/12/2016 then 5% until 31/12/2019 ≤80% £350,000 ≤70% £500,000 Tracker Rates 3% during term of the product ≤75% £350,000 Lifetime Variable Rate 3% until 30/06/2015 ≤65% £500,000 This guide is to be read in conjunction with the Lending Criteria. Visit themortgageworks.co.uk to submit your applications via TMW Online. The Mortgage Works (UK) plc. is a wholly owned subsidiary of Nationwide Building Society and is authorised and regulated by the Financial Conduct Authority under registration number 189623. Most buy-to-let mortgages are not regulated by the Financial Conduct Authority. You can confirm our registration on the FCA’s website www.fca.org.uk or by contacting the FCA on 0800 111 6768. Applications are required. Standard terms and conditions available on request. This communication is for use by and restricted to professional intermediaries. Under no circumstances should the communication be given, copied or distributed to actual or potential borrowers. T59 (28.10.14) themortgageworks.co.uk Telephone: 0800 545 31 31 All information correct at time of going to press. No responsibility can be taken for information held within any mortgage sourcing system. The Company reserves the right to withdraw any of the products in this brochure at any time, or to change or vary the actual rate quoted. BBR refers to the Bank of England Base Rate. The Mortgage Works reserves the right to change BBR tracked products within 60 days of a Bank of England rate change. 4
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