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TMW (The Mortgage Works), the specialist buy to let arm of Nationwide Building Society, reducing selected five -year and two-year fixed rate buy to let investment mortgages.
The reductions at TMW will be effective from today and see five-year fixed rate mortgages reduced by up to 0.15 per cent and selected two-year fixed rates by 0.35 per cent.
The TMW five-year fixed rate product up to 50 per cent loan to value (LTV) is now 1.79 per cent, down from 1.94 per cent. The equivalent product up to 65 per cent LTV is reduced to 1.99 per cent, from 2.04 per cent, while the five-year fixed rate up to 75 per cent is down to 2.09 per cent, from 2.14 per cent. All these products come with a £1,995 fee.
The TMW two-year fixed rate up to 75 per cent with a £1,995 fee is reduced to 2.04 per cent, from 2.09 per cent. On 80 per cent LTV, the two-year fixed rates are down to 2.99 per cent, from 3.24 per cent (with a 2 per cent fee); down to 3.49 per cent, from 3.84 per cent (with a £995 fee) and reduced to 3.99 per cent, from 4.19 per cent (with a £0 fee).
The selected rate reductions apply to both purchase and remortgage buy to let mortgage products, which also come with a choice of benefits, including free valuation, free legal fees and £250 cashback.
While for those with a limited company mortgage, rates for two-year fixed rate products at up to 80 per cent LTV, start at 4.09 per cent, reduced from 4.19 per cent, and with a £0 fee and free valuation.
And, for those looking for a further advance, two-year fixed rates up to 80 per cent LTV, are reduced by 0.20 per cent to 3.49 per cent (with a 1 per cent fee) and to 3.99 per cent (with a £0) fee.
TMW is also increasing the rates on its two-year tracker range by up to 0.25 per cent.
Henry Jordan, Director of Mortgages at TMW, said: ‘We aim to offer a wide range of options for landlords and by making these changes, our mortgage rates remain highly competitive, making it more attractive for landlords to obtain their mortgage with TMW. And, by offering our lowest ever five-year fixed rate mortgage, we are further supporting landlords who want to manage their cashflow over the long term.’