Fixed rates slashed by up to 0.30%
Two buy-to-let mortgage lenders, The Mortgage Works (TMW) and Fleet Mortgages, have announced rate cuts across their respective product ranges.
TMW – the the buy-to-let mortgage lender of Nationwide Building Society – has reduced rates by five basis points (bps) on its buy-to-let switcher products.
These reductions include a two-year fixed rate at 3.79% with a 3% fee, a three-year fixed rate at 3.84% with a 3% fee, and a five-year fixed rate at 3.84% with a 3% fee, all available up to 65% loan-to-value (LTV).
“These competitive rate reductions continue to evidence our commitment to supporting landlords looking to manage their cashflow through fixed rates,” said Joe Avarne (pictured left), senior manager of buy-to-let mortgages at The Mortgage Works.
Fleet Mortgages, meanwhile, has reduced rates on its two- and five-year 75% LTV products by between 15 and 30bps.
The two-year fixed rate now stands at 4.69%, down from 4.99%, while the five-year fixed rate is reduced to 5.74%, down from 5.89%. The cuts apply to both standard and limited company borrowers.
We've made further rate cuts for standard and limited company borrowers seeking either two- or five-year fixed-rate options with rates starting from 4.69%.
— Fleet Mortgages (@FleetMortgages) September 11, 2024
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“Last week, we were able to launch new HMO products, plus cut rates right across our three core areas,” said Steve Cox (pictured right), chief commercial officer at Fleet Mortgages. “This week, we are able to announce further rate cuts for those standard and limited company borrowers who are seeking either two- or five-year fixed-rate options.
“We seek to complement rates and fee levels, offering no-fee, fixed-fee and percentage fee options right across our range. We are dropping pricing by between 15 and 30 basis points offering competitive rates that should aid landlords as they seek to meet affordability and secure the loan sizes they require.”
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