Rates are reduced across select two- and five-year fixes
The Mortgage Works (TMW) and Gatehouse Bank have announced rate reductions across selected buy-to-let and home purchase products, offering more options for existing customers.
TMW, the buy-to-let arm of Nationwide Building Society, has lowered rates by up to 35 basis points (bps) on selected BTL switcher products for existing customers. The reductions apply to a range of two- and five-year fixed rate options.
The two-year fixed rate at 3.59% with a 3% fee, available up to 65% loan-to-value (LTV), has been reduced by 15bps, while the two-year fixed rate at 4.89% with no product fee, available up to 65% LTV, has been cut by 25bps. The five-year fixed rate at 3.94% with a 3% fee, available up to 65% LTV, has been reduced by 5bps.
For limited company BTL products, the two-year fixed rate at 5.09% with a £3,995 product fee, available up to 75% LTV, has been reduced by 10bps. The five-year fixed rate at 5.29% with a £1,495 fee, available up to 75% LTV, has been reduced by 15bps, while the five-year fixed rate at 5.64% with no product fee, available up to 75% LTV, has been reduced by 5bps.
House in multiple occupation (HMO) BTL switcher products have also seen a cut, with the two-year fixed rate at 6.44% with no product fee, available up to 75% LTV, reduced by 35bps.
“These latest reductions show our ongoing commitment to supporting our existing landlords looking to manage their cashflow through fixed rates,” said Joe Avarne (pictured left), senior manager at The Mortgage Works, commenting on the switcher product rate cuts.
Meanwhile, Gatehouse Bank has reduced rental rates – for both new and existing customers – across selected Home Purchase Plans (HPP) and BTL products for UK residents, including individual applicants and UK-registered special purpose vehicle (SPV) limited companies.
For HPP products, rental rates are being reduced by 25bps on two- and five-year fixed term products, available up to a maximum finance-to-value (FTV) of 80%. For BTL products, rates are reduced by 10bps on two-year fixed terms and 20bps on five-year fixed terms, also up to 80% FTV.
“We are constantly reviewing our home finance products to ensure they best suit the needs of our customers and are competitive within the market,” said Gemma Donnelly (pictured right), head of customer propositions at Gatehouse Bank. “These changes will benefit both new and existing UK customers, ultimately helping more people to achieve their homeownership goals.”
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