TML, Virgin and TMW relaunch products

Several lenders took the decision last week to withdraw products due to the volatility in financial markets and in order to protect service levels following the government's mini-budget.

The Mortgage Lender (TML) has relaunched its residential and buy-to-let product ranges.

Virgin has reintroduced core residential two, five and 10-year fixed rates, available up to 95% LTV from 5.29%.

Selected shared ownership, green mortgages and Help to Buy fixed rates will be available from 5.24% and core and portfolio buy-to-let two and five-year fixed rates start from 5.50%.

At the same time, its product transfer rates will increase in line with its new customer rates.

The Mortgage Works, the specialist buy-to-let arm of Nationwide, has also reintroduced its range following their temporary withdrawal on Wednesday.

The new buy-to-let rates include a five-year fix at 65% from 5.74% with a £1,995 fee and a ten-year fix 5.49% with no fee.

Both are available for purchase and remortgage with other rate/fee combinations also available on two and five-year fixed rate mortgages.

Peter Beaumont, CEO of TML, commented: “The market is currently subject to extreme volatility which is making things exceptionally difficult for both intermediaries and borrowers. Given the current dearth of products available we wanted to relaunch our buy-to-let and residential ranges back into the market as quickly as possible to support borrowers wherever possible. We have repriced our range for a market that is quite different to the market only a week ago.

“We remain fully committed to lending and we understand that the rapidly changing economic environment has created real uncertainty and worry. We will continue to monitor the situation closely and will remain agile in our response.”

Daniel Clinton, head of The Mortgage Works, said: “Following a very brief withdrawal we have reintroduced our range of fixed rate buy to let mortgages. We remain committed to supporting landlords, which is why we brought our fixed rate products back quickly, but we have had to reprice our range to ensure our rates remain sustainable in the current economic environment.”