TMW reduces rates while Fleet and Coventry withdraw products

The Mortgage Works is reducing the rates on its buy to let and let to buy products by up to 0.75%, while Fleet Mortgages and Coventry for Intermediaries has withdrawn selected deals.

As from Friday 24 June, The Mortgage Works reduced the rates on selected deals by as much as 0.75% and extended the end rates on all products.

From its buy to let range, the lender’s two-year rates at 65% loan to value (LTV) have been cut by up to 0.20%, while its two-year rates at 75% have been reduced by up to 0.70%. Products with longer terms rates at 65% and 75% LTV have also seen reductions of up to 0.65%.

Its let to buy range saw cuts of up to 0.75%.

Also announced on Friday 24 June, was Fleet Mortgages’ decision to withdraw selected 80% LTV products as well as certain two-year deals.

In total the lender withdrew five buy to let mortgage deals, with rates ranging from 2.89% for a 75% LTV two-year fixed deal to 3.99% for an 80% LTV two-year fixed.

Three buy to let limited company products were also withdrawn, ranging from a 65% LTV two-year fixed rate at 3.79% to an 80% LTV two-year fixed at 4.69%.

Coventry for Intermediaries has also withdrawn several of its buy to let mortgage deals. These include products from its Fixed, Flexx Fixed and Flex for Term range up to and over 65% LTV.

It has also withdrawn two of its 75% BBR Flexx Tracker deals.

These have been replaced by a number of new buy to let products in the same ranges. Deals up to 65% LTV start at 2.39% for a two-year fixed mortgage, while products over 65% LTV include a two-year 75% LTV BBR Tracker at 2.19%.

Early repayment charges and arrangement fees apply.


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