Major lender cuts mortgage rates for landlords

The Mortgage Works is reducing the cost of some of its buy-to-let mortgage deals.

The lender, which is part of Nationwide Building Society, said it is cutting rates by up to 0.30 percentage points across its limited company and House in Multiple Occupation range for new landlord customers.

The limited company rate cuts include:

• A one-year fixed rate (purchase and remortgage) at 5.19 per cent with a two per cent fee, available up to 75 per cent LTV (reduced by 0.30 percentage points)
• A two-year fixed rate (purchase and remortgage) at 5.19 per cent with a three per cent fee, available up to 75 per cent LTV (reduced by 0.30 percentage points)
• A five-year fixed rate (purchase and remortgage) at 4.89 per cent, with a five per cent fee, available up to 70 per cent LTV (reduced by 0.10 percentage points).

Daniel Clinton, head of specialist lending at The Mortgage Works, said: “These latest rate cuts demonstrate our commitment to the buy-to-let sector as we continue to offer some of the most competitive rates in the market. This is our fourth reduction in five weeks with these particular reductions focusing on supporting Limited Company and HMO landlords.”