Ajay Ahuja Blog Post on Stepping Up to The Plate

I came across an article in the FT talking about The Mortgage Works improving their buy to let range.  Thought I would have a look considering they are such a massive lender but I expected to see the usual minuet changes like a 0.1% cut here, £200 saving there etc.

Anyway halfway down the article it says:

“An additional two-year step down tracker is also available at 85 per cent loan to value (LTV).”




The article was dated Friday 26th November 2010 and the introduction was supposed to the following day (on a Saturday? TMW must be cracking the whip!).  So I checked the TMW website for the 85% product but was nowhere to be found.

BUT it seems there is an 85% LTV BTL mortgage in the pipeline.  Also there are a whole number of cheaper BTL mortgages being offered by TMW.

For those who do not know 85% means:

  1. less money in
  2. potential for cashback
  3. chance to buy more property
  4. the opportunity to become rich!

My portfolio was built on a whole load of 85%’ers (I even got a few 90%’ers) and look what happened to me.  I got myself 200 properties that each chuck out cash every month.

So when you see that deal that is 20% Below Market Value or even 15% then make a mental note.  It could be worth revisiting if this 85% LTV step down tracker STEPS UP TO THE PLATE!!!!!!