The Mortgage Works (TMW) is reducing rates on two, three and five-year fixed rate buy-to-let mortgages and increasing its range of options for landlords.
All fixed rate mortgages up to five years across all loan to value (LTV) tiers are being reduced.
In addition, the range of mortgages is being increased, with expanded choices on two and five-year deals with a 2.00% fee, down from the previous 2.5%, as well as £0 options that are often preferred by customers with smaller loans. This is in addition to the existing £1995 and £995 flat fee options.
New mortgage products are being introduced, including a two-year fixed rate mortgage with a 2% fee at both 65% loan to value (LTV) and 75% LTV. The two-year 65% fixed rate deal now starts at 1.79%, making it the lowest headline rate that TMW has ever offered.
While the existing five-year fixed rates with a £1995 and £995 fees are being reduced by up to 0.10 basis, new five-year fixed rate products with a 2% fee and £0 will be introduced, with rates starting at 2.79% – again, TMW’s lowest ever rate in this tier.
Paul Wootton, managing director of TMW, said: “TMW is looking to increase the competitiveness of its fixed rate mortgages for two year, three year and five-year terms, helping to support landlords maintain a positive cash flow and help manage their costs.
“We are also expanding the options for landlords with a variety of new products and varying fees, minimising upfront costs where needed with zero fee options and free valuations and legals, while offering increased payment security.”
At 75% LTV fixed rates are reduced by up to 0.20 basis points, starting at 2.14%. There are also new remortgage products, with rates for the two-year fixed rate mortgage now starting at 1.99% with free standard valuation and free legals.
New 65% and 75% two-year tracker products with a range of fees are also being introduced, with tracker rates starting at 1.74%. Selected tracker rates will increase by up to 0.15 basis points.
