TMW cuts buy-to-let mortgage rates for landlords
The Mortgage Works, known as TMW, is slashing the cost of its five-year fixed rate buy-to-let mortgages by up to 0.50%.
The lender is the specialist buy-to-let lending arm of Nationwide Building Society, providing mortgages to landlords.
The changes to its range include a reduction of 0.5 percentage points on selected mortgages up to 65% of the property’s value, with deals now starting at 2.09%.
It has also chopped deals up to 75% of the property’s value by 0.15%, which now start from 2.54%.
The lender’s 50% loan-to-value range has been snipped by 0.05%, and rates now start at 2.39%.
TMW said it is also launching a new range of two-year fixed rate products with 1% fee and fee-free options, specifically for customers taking a Further Advance. These new products come with a free standard valuation and mortgage offers are being extended up to six months.
Managing director, Paul Wootton, said: “The new, reduced rates on our five-year fixed rate deals will mean TMW continues to have one of the most competitive options on the market for landlords. We always look to balance costs and flexibility so that our customers have choice, with these new products offering competitive rates for landlords looking for longer term payment security.”