The Mortgage Works aims for increased clarity

Date:Thursday 16th September 2010
Author: Max Freedman

Certain home finance deals offered by The Mortgage Works are being amended in the hope of introducing greater clarity, according to an industry source.

Andy McQueen, director responsible for mortgages at Nationwide, explained the "enhancements" were made on September 1st 2010, with buy-to-let and residential products affected.

Some financial tools aimed at landlords have seen interest rates cut by up to 0.6 per cent, while a new 75 per cent loan-to-value (LTV) First Time Landlord arrangement has also been launched.

With regard to residential mortgages, The Mortgage Works has dropped the interest rate on a variety of deals - including trackers - and launched new Step Down agreements.

"By making these changes, we believe we're offering the increased clarity, variety and flexibility needed to ensure that intermediaries can satisfy the ever changing needs of their clients," said Mr McQueen.

Last month, the same firm announced the launch of new 80 per cent LTV products for landlords, which include a free standard valuation and legal fees.