The Mortgage Works has today [Thursday] cut rates and introduced a new 10-year fixed rate loan.
The specialist buy to let arm of Nationwide Building Society has reduced rates for its two-year tracker mortgages by up to 0.45% and is also introducing a 10-year fixed rate product.
The new deal represents a drop of 0.50% on the lender’s previous 10-year fix and is available at up to 75% LTV.
The product, from the specialist buy to let arm of Nationwide, includes free standard valuation, £250 cashback and no arrangement fee.
Paul Wootton, managing director of TMW, commented:
“The reductions to tracker rates and the new 10-year fixed rate product are aimed at widening choice for landlords who are looking to manage their cashflow and access competitive buy to let mortgage rates.
“Along with recent improvements to our product proposition, this further illustrates TMW’s continued commitment to supporting brokers and landlords.”
Tracker rates now start at 1.49% for a 65% LTV on its buy to let mortgages with a £1,995 fee.
All tracker products also have the switch to fix facility, allowing customers to switch to an existing customer fixed rate deal without incurring early repayment charges. These reductions make tracker rates around 0.30% lower than the equivalent fixed rates.
The new 10-year fixed rate buy to let mortgage is for a 75% LTV with a 3.49% rate, a reduction of 1.50% on the previous product’s rate.
It includes free standard valuation, £250 cashback, and no arrangement fee.
TMW recently removed its age limit at application for experienced landlords looking to borrow up to 65% LTV and also increased the maximum LTV for BTL mortgages from 75% to 80% for first time and experienced landlords.