The Mortgage Works (TMW) has announced a series of changes to its residential product range.
New borrowers will be allowed to make overpayments of up to 20 per cent of the outstanding balance each year without charge, and rates on some products have fallen. Arrangement fees have also been cut for some products. All TMW mortgages are available only through mortgage advisers.
A TMW spokesperson said: “These exciting changes further enhance our commitment to delivering intermediaries and their customers even greater value. For example, with the extension of overpayments on all products to 20 per cent, customers will now be able to overpay more of their mortgage, which could be appealing in the low interest rate environment. What’s more, with the rate improvements and new products, brokers and their customers will now have an even better range from which to choose.”
David Hollingworth, head of communications, London & Country Mortgages said: “Customers are always pleased to see interest rates cut and the more competitive mortgage market is great news for borrowers. TMW’s generous overpayment facility of 20 per cent per annum without any early repayment charge is double the typical allowance. It’s a feature that will prove attractive to those borrowers looking to make the most of the low rate environment by eating into their debt more rapidly through overpayments.”
