TMW launches new large portfolio BTL products and cut...

The Mortgage Works (TMW) has launched a new portfolio range while also reducing a number of five-year fixed rate products by up to 35bps.

The buy-to-let arm of Nationwide Building Society has cut a number of five-year fixed rates, which now start from 2.39% at 65% loan-to-value (LTV) and 2.34% up to 75% LTV with a £1,995 fee.

TMW has also reduced rates on its existing large portfolio buy-to-let products.

The latest range of fee-free rates at 75% LTV include a two-year fixed rate which has been reduced from 3.49% to 3.29% and a five-year fixed rate down from 3.99% to 3.74%.

New large portfolio buy-to-let rates include a two-year fixed rate at 2.84% and a five-year fix at 3.39%. Both deals are available up to 75% LTV with a £1,995 fee.

Last month, TMW reduced rates on selected two-year fixed and tracker mortgages by up to 0.25%.

The lender also cut rates on some limited company mortgage deals, available on purchase or remortgage basis, by up to 0.35%.

Rates on a two-year fix now start at 2.99% at up to 75% loan to value (LTV) with a £1,995 fee, and 3.49% for a five-year fix at up to 75%, also with a £1,995 fee.

In addition to the rate cuts, TMW announced the introduction of a new fee-free range of fixed and tracker deals at up 65% and 75% LTV.

Rates for the new two-year product start at 2.44%, while the five-year deal starts at 3.09%. For tracker deals, rates start at 2.29%.

Paul Wootton, managing director of TMW, said: “These changes are designed to support a wide range of landlords, with rate reductions and a range of zero fee options, to help them access a wider choice of products to manage their cashflow. This illustrates TMW’s continued commitment to supporting intermediaries and landlords.”

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