The Mortgage Works 'aims to help landlords without large deposit'

Date:Tuesday 11th May 2010
Author: Susanna Kavka

Landlords without a large deposit are set to benefit from a move by The Mortgage Works to expand its buy-to-let range, according to the organisation.

Head of products at the finance provider Tracie Pearce made her comments after the company revealed that it is increasing the loan to value of many of its buy-to-let mortgages to 80 per cent.

This includes a one, two and three-year fixed-rate product, as well as an 18-month fixed-rate and a one-year tracker arrangement.

Ms Pearce commented: "The increase in the loan to value on our buy-to-let range continues to demonstrate our commitment to supporting the housing market."

In her view, this will particularly benefit landlords who have not got as much capital saved up to offer as a deposit on a property and demonstrates the firm's flexible approach to lending.

Last month, The Mortgage Works revealed that it reduced the interest rates on its three and five-year fixed-rate buy-to-let products by 0.35 and 0.2 per cent respectively.