TMW enters instant point-of-sales offer arena

The POSO service will initially be available on a number of its buy-to-let (BTL) fixed rate products, with the intention of extending the facility to further TMW products in the future.

POSO will be available on deals including a two-year fixed rate BTL at 6.59 per cent, a three-year fixed rate at 6.49 per cent and a five-year fixed rate at 6.29 per cent. The deals are available on remortgages only, up to 75 per cent loan-to-value, with a 0.5 per cent arrangement fee. TMW offers a free valuation with a £250 cashback.

Andy McQueen, managing director of Nationwide Specialist Lending, which incorporates TMW and UCB Home Loans, said: “This is a fantastic development for TMW. Not only does the instant POSO strengthen our online proposition, it also underlines our commitment as a specialist lender. Instant POSO will greatly improve the online experience for brokers and will speed up the mortgage application process from start to finish.”

Thomas Reeh, chief executive of, said: “TMW has a very good reputation and while it’s competition pulled back rates and criteria, it stood tall and that’s good to see. It’s British owned and it has taken a prudent approach. This technology will put it on a level pegging with BM Solutions and GMAC-RFC. My only concern is that we can’t make the same mistakes as the US, as the technology relies on automated valuation models and that’s what upset the US market.”

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