The Mortgage Works (TMW) has unveiled the longest fixed rate product currently available in the buy-to-let space.
The Nationwide Building Society brand is offering a 10-year fixed rate buy-to-let mortgage, available up to 75 per cent loan to value (LTV) at 4.99% with a £995 fee.
TMW is also launching new five-year fixed rate products at 80% LTV starting at 4.49%. Rates for the five-year fixed at 75% LTV are also being reduced and start at 4.19%.
All five-year and 10-year fixed rate deals continue to be stressed at 4.99% with a rental cover requirement of 125%.
“TMW’s 10 year fixed rate product is currently the only option in the market for those landlords looking to secure their payments for the long term,” explained Henry Jordan, managing director of TMW.
“It will fill a gap in the market that has seen a trend towards opting for longer term options. With longer term fixed rate buy-to-let mortgages available at historically low rates, now could be the perfect time for both experienced and first time landlords to lock in payments against future rate rises.
“With our lowest stress rate of 4.99% applicable on all fixed rate terms of five-years or more, regardless of LTV, our new five-year fixed rate deals at 80% LTV will be particularly attractive to landlords with smaller deposits.”