4.99% Variable

4.99% Variable

Up to £250,000 70% LTV (Rmg 70%)

Mortgage is Portable, Mortgage is Flexible, 10% Overpayments allowed per year.

Your mortgage is portable. Please refer to The Mortgage Works ‘Guide to Mortgages’ for further information.

- Mortgage is NOT for First time buyers

Please see income section for details of rental income requirements specific to this product.

These products are not available for further borrowing for existing customers utilising The Mortgage Works’ portfolio proposition only (where LTV is averaged across a portfolio of two or more properties).

Further Advances for existing multi property portfolio customers remain available please see TMW product guide/lending criteria for details).

An overpayment is a payment that is in addition to the minimum payment you must make each month. The minimum payment is shown in Section 6.

You can make lump sum repayments of capital up to 10% of the mortgage, in each 12 month period from the date the mortgage starts until the end of the redemption tie in period without having to pay an early repayment charge. Amounts above this are subject to an early repayment charge (as detailed in Section 10).

After this date there are no restrictions on the amounts that you can overpay.

If you make an overpayment the amount you owe us will be reduced immediately, and the amount of interest you pay, will be reduced from the first day of the following month.

60% LTV products available for first time landlords up to 60% LTV. 70% LTV products available for first time landlords up to 65% LTV. First time landlords wishing to remortgage their existing residential property for the purposes of letting will not be accepted. First time landlords must be current owner occupiers (with or without a mortgage) purchasing a new buy to let property.

Restrictions apply to this mortgage and full details are available in the Mortgage Interest Rate leaflet.

This mortgage is only available when you are buying to let.

Buy to Let : Accepted

Capital Rest Period : Monthly

Repayment Yes

Endowment Yes

PEP Yes

Pension Yes

Interest only (no RV) Yes

With Profits Yes

Unit Linked Yes

ISA Yes

Split Repayment Yes

Arrangement : £1499 Can be Added

Booking : None

3% of loan to be paid until 31/01/2011, 10% capital repayments allowed per year without penalty

None

Basic:

upto £100,000 - £365

upto £150,000 - £390

upto £200,000 - £430

upto £300,000 - £490

upto £400,000 - £555

upto £500,000 - £615

upto £600,000 - £695

upto £700,000 - £755

upto £800,000 - £795

upto £900,000 - £865

upto £1,000,000 - £910

upto £1,250,000 - £1125

upto £1,500,000 - £1275

upto £1,750,000 - £1475

upto £2,000,000 - £1675

Homebuyers:

upto £100,000 - £450

upto £150,000 - £535

upto £200,000 - £620

upto £300,000 - £720

upto £400,000 - £820

upto £500,000 - £930

upto £600,000 - £975

upto £700,000 - £1035

upto £800,000 - £1115

upto £900,000 - £1200

upto £1,000,000 - £1275

Min Valuation £60000

Valuation fee (where applicable) includes £150 application fee.

For properties valued over £1 million please refer to Lender for the valuation fee.

Where multiple properties are being financed simultaneously (for existing customers only), only one application fee is payable. Where a product offers a free valuation, no payment is required. Where a product offers a refunded valuation fee, this will be refunded on completion less the £150 application fee.

We will instruct our solicitors to act on our behalf in the following circumstances:

1. Application in a company name

Our solicitors fees will be payable by the applicants.

Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow. Added fees will not be included in this calculation.

Lenders Conveyancing Fee - £100.00 Payable on completion. A non refundable fee to your conveyancer for acting on behalf of The Mortgage Works (UK) plc payable before the mortgage starts. The figure quoted here is an estimate - the total fee for conveyancing may be higher. You should ask your conveyancer for further details.

Insurance Admin - £30.00 Payable on completion.

Sealing Fee - £145.00 Payable on redemption.

Telegraphic Transfer - £35.00 Added to loan.

Freehold Flat No

Purpose Built Flat Yes

Converted Flat Yes

Flat Over Shop Refer

Maisonette Yes

Studio Flat Refer

Flying Freehold Refer

Thatched Yes

Timber Framed Yes

Concrete No

Agricultural Tie Refer

Flat Over 4 Storeys Refer

Listed Building Refer

Not Accepted

New Build acceptable. Where more than one property is held, rentals and LTV ratios may be aggregated. Should a multiple property landlord wish to purchase or remortgage single properties to The Mortgage Works, evidence of portfolio ownership is required.

Properties over commercial premises may be considered (excluding restaurants, bars, takeaways, launderettes or pet shops), please refer to lender.

Ex-council properties may be considered, if in a building not exceeding 5 storeys with a maximum LTV of 75%

Studio flats may be considered, please refer to lender.

Properties with agricultural ties may be considered, please refer to lender.

New built flats which have been built in the last 12 months not allowed, however, new build houses are allowed.

Any new build application is subject to a valuation on a second hand re-sale basis excluding any notional new build premium.

Purpose built studio / bedsit flats

Provided the internal floor area is not less than 32.5 sq. meters and they contain a separate bathroom and separate kitchen.

Properties let on a multi-tenanted basis are acceptable provided that:

The property is not occupied by 5 or more people, comprising 3 or more households (being unrelated persons)

The property is not subject to HMO licensing

The property contains no more than four habitable storeys and no more than one kitchen

N.B. Rental cover will be assessed on the basis of rental value as a single family dwelling.

Accepted Locations : England, Scotland, Wales

Bank Statements No

At Least 3 Months Pay Slips No

P60 No

Proof Of Residency Yes

Life Policy To Be Assigned No

Previous Lender References No

Buildings Conditional

Min Loan £25,001/Rmg £25,001

Max Loan £250,000/Rmg £250,000

Max Portfolio of BTL Loans none

Min Age 21 years

Max Age 90 years

Min Term 5 years

Max Term 35 years

Applications with more than two applicants not accepted. Guarantors are not accepted. Properties where a semi-commercial valuation is required are not accepted.

Maximum aggregate loan at 70% LTV: £1.5m. Maximum aggregate loan at 65% LTV: £5m

Subject to the max loan per property, customers may borrow up to £350k at 70% LTV - any further borrowing in excess of £1.5m is subject to a maximum LTV of 65% on that further borrowing only.

(N.B. Portfolios held with TMW prior to 21st March 2008 are not affected)

Foreign nationals must be resident in the UK for at least three years prior to application and must have permanent right to reside.

Foreign nationals must have a UK bank account.

Expatriates are not accepted.

New business for Limited Companies not accepted. Existing limited company customers may continue to operate their accounts, including further borrowing, subject to lending criteria and product availability.

Buildings insurance, to cover the full cost of rebuilding your home.

You can arrange this through the lender or make your own arrangements. If you make your own arrangements A non-refundable Insurance Administration Fee of £30 will be deducted from the mortgage amount sent to our conveyancers at completion. This fee is not charged if the property is leasehold.

Foreign Citizens Refer

Ex-Patriates Not Accepted

Rental Income must be 125% of the monthly mortgage payments

Min months in current position none

Min months in continuous service 12

Min no. of years accounts 2

Average years taken to calculate income 1

Will consider declining profit Refer

Rental income based on Pay Rate +0.5% x 125%.

No proof of income required. The valuer must confirm that the gross monthly rent (based on an unfurnished figure) conforms to the rental cover required using an interest-only figure.

Personal income is not included in the calculation of maximum loans for TMW buy to let. There is also no minimum personal income requirement.

Rental Income must be 125% of the monthly mortgage payments

Hire Purchase Taken into account

Personal Loans Taken into account

Overdraft Taken into account

Credit/Store Cards Taken into account

Child Maintenance Taken into account

Child Education Taken into account

Extra Income:-

Other Income - Guaranteed Add 100% to income before multiply

Other Income - Regular Add 50% to income before multiply

Other Income - Irregular No

Investment Income Add 100% to income before multiply

Mortgage Subsidy Add 100% to income before multiply

Large Town Allowance Add 100% to income before multiply

Maintenance Payments Add 100% to income before multiply

Non Contributory Pension No

Car Allowance Add 100% to income before multiply

Capital Raising Refer to Lender

Home Improvements 70%

Debt Consolidation Refer to Lender

School Fees 70%

Holidays/Cars 70%

Buy Other Property 70%

Business Purposes Refer to Lender

Divorce Settlement 70%

Unencumbered 70%

Remortgages: only acceptable if the property has been owned for a minimum of 6 months.

Maximum LTV for capital raising, debt consolidation and business purposes vary by product, please refer to lender.