Selected products for both new and existing customers are cut by up to 30bps
The Mortgage Works (TMW) has announced rate reductions of up to 30 basis points (bps) on selected buy-to-let products for both new and existing customers.
The changes, effective from today, July 3, will see rates start from 3.69%.
For new business, the revised rates include a two-year fixed rate at 3.69% with a 3% fee, available up to 65% loan-to-value (LTV), reduced by 10bps; a five-year fixed rate at 4.04% with a 3% fee, available up to 65% LTV, cut by 10bps; and a five-year fixed switcher rate at 4.14% with a 3% fee, available up to 75% LTV, decreased by 10bps.
The buy-to-let mortgage lender of Nationwide Building Society has also slashed rates on products for limited companies. The new rates include a two-year fixed rate at 4.99% with a 3% fee, available up to 75% LTV, cut by 30bps; a two-year fixed rate at 5.69% with a £3,995 fee, available up to 75% LTV, slashed by 20bps; and a two-year fixed switcher rate at 6.49%, available up to 75% LTV, reduced by 0.30 percentage points.
Last month, The Mortgage Works introduced the Portfolio Review tool, which is designed to identify potential future borrowing opportunities for landlords on all properties they own. It provides brokers with critical lending information, aiding them in planning for their clients’ financial success.
“We remain as committed as ever to supporting brokers and landlords, which is why we’re pleased to announce rate cuts across our range,” said Joe Avarne (pictured), senior manager of buy-to-let mortgages at The Mortgage Works. “Our products are some of the most competitive in the sector and, with rates now starting from 3.69%, these new deals will improve affordability and help widen market access for buy to let investors.”
Read our guide to The Mortgage Works for intermediaries here.
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