The Mortgage Works (TMW), the specialist buy-to-let arm of the Nationwide Building Society, has reduced rates across its five-year fixed mortgage range by up to 0.35% and two-year fixed rates by up to 0.25%.
From today, the lender’s five-year fixed rate product up to 75% loan-to-value (LTV) is available at a borrowing rate of 2.14%, down from 2.19%. This deal is subject to a £1,995 fee, free valuation and £250 cashback.
The five-year fixed rate product up to 80% LTV with a £995 fee, free valuation and £250 cashback, is now available at 3.59%, down from 3.84%.
For those with a large portfolio, rates for the five-year fixed rate mortgage starts at 3.29% for the up to 75% LTV product with a £1,995 fee, down from 3.39%.
Meanwhile, two-year fixed rates have also been reduced by up to 0.25%, and now start at 2.59% with a £1,995 fee, down from 2.84%.
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 legals and a £250 cashback.
While for those with a limited company mortgage, rates for five-year fixed rate products at up to 75% LTV, start at 3.34%, reduced from 3.49%, and with a £1,995 fee and free valuation.
Henry Jordan, director of mortgages at TMW, commented: “In the current economic climate many landlords are looking for payment security to manage their cashflow.
“These selected reductions across our five-year fixed rate buy-to-let mortgage range enhances choices for landlords who want to secure their repayments over the medium term.”