If your rate is about to expire and you’re looking to stay with TMW, here’s the information you need. TMW offers various mortgage options for existing customers looking to switch to a new deal.
Key Points
- There are no initial costs or legal fees when transitioning to a new product
- There are many choices available when picking a new rate. There are options for short and long-term rates that allow flexibility with your mortgage
- Product fees are not mandatory. However, if you do opt for a rate that includes a product fee, you can decide to pay it upfront or add it to the mortgage
- No valuation fee
Check Out Our New Rate Switch Reward Calculator
TMW rates
TMW typically provides fixed rates of 2 or 5 years for existing customers, as well as 2-year trackers, although the selection is generally more restricted compared to what’s available for new clients.
How long will the product transfer take?
After we apply, the process is relatively fast. Mortgage offers are typically given right away, and you can choose for your rate to start either next month or on the end date of your product. If you’re changing your rate, borrowing more, or adjusting other terms like switching to interest-only, it might take more time due to extra checks and underwriting.
Can I borrow extra money?
Yes however the application must be separate to the rate switch.
Eligibility:
- must be a buy to let customer with TMW
- must have owned and let the property for at least 6 months
- must have been making full monthly payments on your mortgage for at least 6 months
- must borrow at least £2,500
What you can use the money for:
- home improvements
- purchase of new property
- purchase of land
- transfer of equity
- debt consolidation (only available through a broker)
- making energy efficiency improvements
Please let us know if you want to apply for additional borrowing and one of our brokers will help you through the process.
What does staying with your current lender mean for you?
- It’s quicker and easier than a remortgage
- It can be done in just 15 minutes
- TMW does not require credit checks, income checks, or valuation fees
- Secure a favourable rate 13 weeks before your current product expires
- As long as the mortgage is up to date, bad credit or missed payments won’t matter
Product transfer process
- Gather Information: For instance, we will need to know the account number for your mortgage. TMW account numbers are 8 digits and you can find your account number on letters TMW have sent you. We will also need the sort code of the account you use to pay with. We will need this to access your account and review your options.
- You will receive quotes from us: We will send over a few quotes quickly and give you time to look over these.
- Review options: When you’re ready, look over the product transfer options that TMW offers. You might need to compare various interest rates, terms, and features to find the best option. We’re here to support you throughout the process, so if you’re uncertain about which option to choose, we can assist you in making the best decision.
How can Rate Switch Rewards help?
Rate Switch Rewards will evaluate all your choices, including those from TMW and other market options. We can assist you with your application and manage the necessary tasks. We work hard to assist you in finding a good mortgage option. We aim to make the rate switch process straightforward, efficient, and advantageous for you!
If you want to learn about your options, feel free to reach out and we’ll be glad to help.
How we work:
- We will use the information you provide to access your mortgage account (such as your mortgage account number)
- We’ll find the best offers that suit you and send you a few quotes by email for your review.
- Once you have reviewed the quotes and are happy to accept one of the rates, you will let us know which one to accept
- We will accept the rate and send off the rate switch application
- After acceptance, we will monitor the rates until your current fixed rate expires. If the rates decrease, we will accept the lower rate to make sure you receive the best deal available
- Once the application has completed, we will send you 10% of the commission we receive from the lender
