Buy to Let
Buy-to-let rates chopped by TMW
Nationwide subsidiary, TMW, has cut rates on a range of its fixed and tracker buy-to-let mortgages
The Mortgage Works (TMW), which is part of the Nationwide group, has reduced new mortgage rates by up to 0.85% on its buy-to-let two-year fixed and tracker rate products at up to 75% loan-to-value (LTV).
Fixed rates now start at 2.49% and trackers at 2.24%, with a 2.5% fee. There are also flat fee options and a new £0 fee product has been introduced, with a rate of 3.69%.
Let to Buy rates cut
In addition, TMW remortgage and let-to-buy two-year products at up to 75% of the property’s value have been reduced by up to 0.95%, with headline rates now starting from 2.89%.
The move will enable landlords with smaller deposits to access more competitive fixed rate and tracker deals, and TMW said that these are now among the lowest headline rates in the market.
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Paul Wootton, TMW’s head of specialist mortgages, said: “This new range of buy to let fixed rate and tracker mortgages will provide landlords with a wider choice of products and competitive rates.
“There are also new deals for those looking to rent out their existing residential property using a TMW let-to-buy mortgage, which Nationwide customers can co-ordinate with their residential mortgage application.”
The new full range of rates is available to both first time and experienced landlords through mortgage intermediaries, not direct to the consumer.