The Mortgage Works (TMW) has improved rates and made changes to its TMW Residential product range, exclusively available to intermediaries.

A 20% annual overpayment allowance has been extended to all products. 20% of the balance outstanding can be repaid each year without incurring an Early Repayment Charge. The capital repayment allowance cannot be accrued year-on-year.

Rates have been improved by up to 1.40 percentage points, while selected arrangement fees have been cut by 0.50 percentage points.

A new range of two-year fixed rates for house purchase with free standard valuations & £250 cash back has been launched.

Also, a new five-year tracker has been introduced at 2.99% (BBR+2.49%) with £995 fee up to 75% LTV.

End dates have also been extended on all products.

A TMW spokesperson said: “These exciting changes further enhance our commitment to delivering intermediaries and their customers even greater value. For example