The Mortgage Works has launched a fresh selection of 10-year fixed rate mortgages with rates starting from 2.74%.
The specialist buy-to-let arm of Nationwide Building Society hopes that the historically low rate deal, available at up to 65% loan-to-value (LTV) with a £1,995 fee, free standard valuation as well as a £250 cashback, will appeal to landlords seeking long-term payment security.
Nationwide Building Society's buy-to-let business is also offering borrowers a 10-year fix at 3.24% at up to 65% LTV, again with a £1,995 fee, free standard valuation and £250 cashback, but they will only have to pay early redemption charges if they leave in the first five years.
TMW has also reduced stress rates for selected longer term fixed rates and like-for-like remortgage products.
The stress rate for the five-year fixed rate products up to 75% LTV is being reduced from 4.99% to 4.5%, while the 10-year fixed rate mortgage at up to 65% LTV has been slashed from 4.99% to 4%, or pay rate plus 0.75%, whichever is higher.
Like-for-like remortgages over 65% LTV and up to 75% LTV will see their stress rate cut from 5.5% to 4.99%.
Paul Wootton, TMW’s managing director, commented: “The new 10-year fixed rate products offer competitive rates and a choice of ERCs to widen choice and increase flexibility for landlords, who are looking to manage their cashflow while maintaining long term payment security.
“Along with recent improvements to our product proposition, this further illustrates TMW’s continued commitment to supporting brokers and landlords.”