7 Oct

New loans released to boost number of buy-to-let owners

New loans released to boost number of buy-to-let owners

New loans have been launched in an attempt to encourage people to purchase buy-to-let properties.

The Mortgage Works (TWM) has released new products for prospective landlords, which it states are some of the most "competitive offerings in the market".

According to the head of products at the organisation Tracie Pearce: "The Mortgage Works is committed to considering the challenges that landlords face both now and in the future and is continually looking for ways to provide them with a greater choice of innovative and common sense alternatives."

The new products include a one and two-year tracker mortgage at 70 per cent loan-to-value (LTV) at rates of 3.39 per cent.

It has also enhanced its existing buy-to-let range by improving tracker rates by 0.15 per cent across its portfolio and offering a free valuation option for customers who take up a two-year fixed-rate loan at 60 per cent LTV.

Last month, the Association of Residential Letting Agents revealed that buy-to-let properties are continuing to be in high demand after its members reported an average void period of 3.2 weeks during the second quarter of 2010. ADNFCR-1222-ID-800104673-ADNFCR

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