BTL lender cuts rates by up to 20bps
The Mortgage Works (TMW) has reduced rates across its limited company range for new and existing customers and let to buy range for new customers.
The limited company rate cuts include a reduction of 20 basis points (bps) on a five-year fixed rate for purchase and remortgage at up to 70% loan-to-value (LTV) with a 5% fee and a 15-bps reduction on a five-year fix for purchase and remortgage at up to 75% LTV with a 3% fee. The five-year switcher fixed rate with a 5% fee, available up to 70% LTV, was also reduced by 20bps.
TMW – the buy-to-let mortgage lender of Nationwide Building Society – also lowered rates on its let to buy products, including two-year fixes for remortgage at up to 65% and 75% LTV with a 3% fee. The five-year fixed remortgage option at up to 65% LTV with a 3% fee, was also priced down.
Full details on the latest rate reductions made by TMW can be found on its website.
Last week, the lender also slashed rates across the majority of its products for new and existing customers.
“We’ve made a number of rate reductions over the last couple of months to ensure that TMW remains one of the most competitive mortgage providers for all types of landlords,” stated Daniel Clinton, head of specialist lending at Nationwide Building Society.
“These latest rate changes are focused on ensuring we are supporting the limited company market, with rates starting from 4.99%, and let to buy market with a range of competitive products to help those landlords manage their finances through fixed rates.”
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