Nationwide's TMW and MPowered both slash rates with new offering
The Mortgage Works (TMW) and MPowered Mortgages have both announced rate cuts across their buy-to-let and remortgage product ranges, offering relief to property investors and homeowners amid ongoing market challenges.
The Mortgage Works (TMW) – Nationwide’s buy-to-let mortgage lender – has reduced rates by up to 35 basis points (bps) on selected buy-to-let mortgages for new customers.
Rates now start from 3.49%, with notable reductions including a five-year fixed rate at 3.69% with a 3% fee, available up to 65% loan-to-value (LTV), and a two-year fixed rate at 3.99% with a £3,995 fee, also available up to 65% LTV.
“These latest reductions from The Mortgage Works will help widen market access for buy-to-let investors,” commented Joe Avarne (pictured left), TMW’s senior manager of buy-to-let mortgages.
Meanwhile, MPowered Mortgages has trimmed rates across its three-year fixed rate products and remortgage cashback offerings.
New three-year fixed rates now start at 3.91% for 60% LTV with a £999 arrangement fee. Reductions of 5bps apply across all LTV bands for two-, three-, and five-year fixed remortgage products, which now include a £250 cashback on completion.
We've just launched new rate cuts and exciting cashback offers for your clients!
— MPowered Mortgages (@mpoweredsocial) September 24, 2024
Take advantage of:
⭐ New 3-year rates
⭐ £250 remortgage cashback
⭐ No repayments on cashback
Start your next case: https://t.co/AH6C7CqkuP#mpoweredmortgages | Intermediaries only pic.twitter.com/JesVpGWPgH
“Despite no reduction in the base rate last week, we are still reducing our rates today which is great news for borrowers and will help to stimulate the housing market,” said Stuart Cheetham (pictured right), chief executive of MPowered Mortgages.
“As well as reducing our three-year offering, we’ve also taken the opportunity to align our Legal Fee Saver and cashback mortgage remortgage rates by now offering the same great rates on both products. This means all borrowers now have to decide is whether to take the Legal Fee Saver package or the cashback one.”
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