Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

TMW Launches Two-Year Trackers and ModaMortgages Expands BTL Range

The Mortgage Works (TMW) has introduced new two-year tracker products to its buy-to-let (BTL) mortgage range, available from tomorrow. ModaMortgages has also expanded its BTL offering with limited-edition two-year fixed rates for landlords.

TMW’s new two-year tracker BTL products are available up to 65% loan to value (LTV) and include options for purchase, remortgage, and existing customer switches. One example is a two-year tracker BTL deal at 4.19% with a 1% fee, which includes a free valuation. There is also a remortgage-only tracker at 4.29% with a 1% fee, free valuation, and free legals. For existing customers switching, a two-year tracker at 4.19% with a 1% fee is available.

In addition to the new tracker products, TMW has reduced rates on selected two-, three-, and five-year fixed BTL and let-to-buy products for both new and existing customers. The rate reductions are up to 0.15 percentage points. For example, the five-year BTL fixed rate for purchase and remortgage is now 4.39% (a reduction of 0.15%) with a 3% fee, available up to 75% LTV. Another five-year fixed rate for purchase and remortgage is 4.97% with no fee, up to 65% LTV, reflecting a 0.1% reduction. Existing customers switching to a five-year fixed rate with a 3% fee can access a 4.29% rate, down by 0.05%. The two-year BTL fixed rate for existing customers switching is now 5.27%, reduced by 0.13%, with no fee and available up to 75% LTV.

ModaMortgages has added limited-edition two-year fixed rates to its BTL range. Rates start from 3.54% for single-dwelling properties and from 3.64% for houses in multiple occupancy (HMOs) and multi-unit freehold blocks (MUFBs) with up to six bedrooms or units. Earlier this month, ModaMortgages introduced limited-edition five-year fixes, with rates of 5.14% for single-dwelling properties and 5.24% for HMOs and MUFBs with up to six bedrooms or units. The products are available to both individual and limited company landlords up to 80% LTV, with a choice of fee options and free valuations across the range.

These updates provide letting agents and inventory clerks with new mortgage options and rate changes that may impact landlord clients’ financing decisions.