The products are available with immediate effect.
For its status plus mortgages the two-year fixed, penalty in term, has a new rate of 5.25 per cent. For its buy-to-let deals the two-year fixed, extended penalty, the new rate is 4.49 per cent.
For its self-cert deals the two-year fixed, penalty in term, has a new rate of 5.79 per cent; five-year fixed, penalty in term, has a new rate of 5.79 per cent; two-year discount (1.01 per cent), penalty in term, has a new rate of 5.69 per cent, and the two-year discount (0.51 per cent), penalty in term, has a new rate of 6.19 per cent.
Commenting on the changes, group communications manager Helen Shaw said: “We have refined our mortgage range to reflect changes in the money markets. This is primarily due to a change in the perception of long-term interest rates and where financial markets believe the peak of the interest rate cycle will be.
“Three months ago the view was that the top of this cycle could be anywhere between 5.25 per cent and 5.75 per cent, with economic data being released now. This view has been reduced to 4.75 per cent to 5 per cent.”
Ray Boulger, senior technical manager at Charcol, said: “The Mortgage Works is one of the few lenders to introduce changes to its products since regulation.
“The rates on its status plus deals still aren’t brilliant. It will mainly get its business from its self-cert and buy-to-let deals.”
