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Lender cuts rates to help landlords ‘plan and balance’ their costs

The Mortgage Works (TMW), the specialist buy-to-let arm of Nationwide Building Society, has cut interest rates on some of its two-year fixed and tracker rates by up to 0.2%.

The two-year fixed rate products, which come with a £1,995 fee, now start at 1.89%, while the two-year tracker with a £1,995 fee starts at 1.84%.

Meanwhile, the lender’s five-year fixed rates with a £1,995 fee have been cut by up to 0.15% and now start at 2.64%. New five-year fixed rate products with a £1,995 fee and free standard valuation and legal service or cash-back option have also been introduced to expand the range, with rates starting from 2.74%.

TMW has also removed the cap restricting free standard valuations to those taking out loans on properties valued at £500,000 or less.

What’s more, existing TMW mortgage customer switcher rates have been cut by up to 0.2%.

“TMW is looking to widen options for landlords, particularly those looking for lower rates but with a higher upfront fee, across its product range of fixed rate and tracker mortgages for two-year and five-year terms,” said Paul Wootton, managing director of TMW.

“In addition, we have also sought to reduce additional upfront costs for those seeking larger loans by removing the property value cap on free valuation products. This will help support landlords to plan and balance their costs and maintain a positive cashflow,” he added. 

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