The Mortgage Works (TMW) is increasing the maximum loan-to-value (LTV) for landlords from 75% to 80%.
The increase in maximum LTV for buy-to-let mortgages applies to new purchase and remortgage products for first time and existing landlords, as well as those seeking to ‘Let to Buy’.
Rates offered by Nationwide’s specialist buy-to-let arm now start at 2.99% for a two-year fixed rate at 80% LTV, with a 2% fee, or there is a 3.99% option available with no fee. Both are available for purchase and remortgage.
The five-year fixed rate products start at 3.59% with a 2% fee and 4.19% with no fee.
It is also worth pointing out that the maximum LTV for buy-to-let mortgages on HMOs will increase from 65% to 75%.
Paul Wootton, Nationwide’s director of specialist lending, said: “TMW is extending its range of mortgage products to include loans at up to 80% LTV to give greater choice and more options for landlords, including those taking out new buy to let mortgages and those looking to refinance existing borrowing.
“TMW is entering an established part of the market to offer a range of competitive rates to landlords working to manage their costs, including for those with smaller amounts of capital invested.”