The Mortgage Works Reduces Buy to Let Mortgage Rates

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The Mortgage Works (TMW) have reduced mortgage rates across a range of its buy to let products. These changes were effective from Wednesday 15 January.

The Mortgage Works, the specialist buy to let arm of Nationwide Building Society, brought down rates on many two and five-year buy to let mortgage products yesterday to ensure rates continue to be attractive to buy to let investors.

On The Mortgage Works’ buy to let range, the two-year fixed rate product at 75 per cent loan to value (LTV) is now 1.74 per cent, down from 2.19 per cent, while the five-year fixed rate at 75 per cent LTV is now 2.14 per cent, from 2.24 per cent. Both products come with free valuation, £250 cashback and include a £995 fee.

The two-year fixed rate let to buy product is reduced to 1.89 per cent, down from 2.34 per cent at 65 per cent LTV and includes free valuation £250 cashback with a £995 fee.

On The Mortgage Works’ Houses in Multiple Occupation range, the two-year fixed rate product is now 2.49 per cent, down from 3.19 per cent. This is at 65 per cent LTV and comes with free valuation. And for those with a large portfolio, the two-year fixed rate is reduced to 2.59 per cent, from 2.79 per cent at 75 per cent LTV with a £995 fee and which includes free valuation and £250 cashback.

The Mortgage Works is also introducing two and five-year fixed rate products, with a two per cent fee, at 65 per cent and 75 per cent loan to value to its buy to let range.

Henry Jordan, Nationwide’s Director of Mortgages, said: ‘TMW offers landlords a broad range of options to meet their varying needs, but it is important that these remain attractive when landlords are choosing their mortgage. That is why we are further increasing the competitiveness of our two and five-year rates. And, by making these reductions, we are also continuing our support for landlords looking to manage their finances through fixed rates.’

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