The Mortgage Works has introduced a new 10-year fixed rate product range.
It has also cut stress rates for selected longer term fixed rates and like-for-like remortgage products.
The new 10-year fixed rate range from the specialist buy-to-let arm of the Nationwide Building Society starts at 2.74% at up to 65% loan to value (LTV), with a £1,995 free, free standard valuation and £250 cashback, and with product Early Redemption Charges (ERCs) applicable for the full 10 years.
In addition, a new 10 year fixed rate product that is ERC-free after five years is being launched, which comes with a rate of 3.24% at up to 65% LTV, with a £1,995 fee, free standard valuation and £250 cashback.
Stress rates for selected longer term fixed rate products and like-for-like mortgages are also being reduced. The stress rate for the five-year fixed rate products up to 75% LTV is being reduced from 4.99% to 4.50%, while the 10-year fixed rate mortgage at up to 65% LTV is reduced from 4.99% to 4.00%, or pay rate plus 0.75%, whichever is higher.
Like-for-like remortgages over 65% LTV and up to 75% LTV will see their stress rate reduced from 5.50% to 4.99%.
Paul Wootton, managing director of The Mortgage Works (TMW), said: “The new 10-year fixed rate products offer competitive rates and a choice of ERCs to widen choice and increase flexibility for landlords, who are looking to manage their cashflow while maintaining long term payment security.
“Along with recent improvements to our product proposition, this further illustrates TMW’s continued commitment to supporting brokers and landlords.”
