Loan: TMW cuts BTL rates by up to 95bps, reduces fees

The Mortgage Works will cut selected fixed-rate buy-to-let loans by up to 95 basis points from tomorrow (25 November).

Nationwide’s specialist BTL lender adds that it will adjust the range to offer products with various fee options.

It says new BTL rates include a one-year fixed-rate deal at 3.89%, with a 2% fee, available up to 75% loan to value.

A two-year fixed-rate offer at 4.29%, with a 3% fee, available up to 65% LTV.

And a five-year fixed-rate loan at 4.69%, with a 3% fee, available up to 65% LTV.

The above deals are available for purchase and remortgage, with other rate, fee and benefit combinations available.

The business adds it will simplify its range by introducing “a new, uniform set of fee options across its mortgage range” from Friday.

It says, in addition to products that come with a 3% fee, landlords will also be able to choose from products with reduced fees – either a £1,495 fee, or no fee.

The move replaces products that came with either £1,995 or £995 fees.

These changes come after chancellor Jeremy Hunt calmed international debt markets last month, by largely reversing former chancellor Kwasi Kwarteng’s tax-cutting mini-budget in September.

The Mortgage Works director of landlord Daniel Clinton says: “Greater market stability and a downward trend in swap rates means we’re able to make further reductions to our BTL mortgage range and continue to support landlords looking to manage their finances through fixed rates.”

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