TMW cuts rates on buy-to-let mortgages
The Mortgage Works (TMW), the specialist buy-to-let arm of Nationwide Building Society, has announced has reduced interest rates on some of its two-year fixed and tracker rates.
Rates have been cut by up to 0.20% on those deals that come with a £1,995 fee.
Two-year fixed rate products with a £1,995 fee now start at 1.89%, while the two-year tracker with a £1,995 fee starts at 1.84%. In addition, five-year fixed rates with a £1,995 fee have been reduced by up to 0.15% and now start at 2.64%.
The lender has also removed the cap restricting free standard valuations to those taking out loans on properties valued at £500,000 or less.
Paul Wootton, managing director of TMW, said: “TMW is looking to widen options for landlords, particularly those looking for lower rates but with a higher upfront fee, across its product range of fixed rate and tracker mortgages for two-year and five-year terms.
In addition, we have also sought to reduce additional upfront costs for those seeking larger loans by removing the property value cap on free valuation products. This will help support landlords to plan and balance their costs and maintain a positive cashflow.”
The lender also noted that existing mortgage customer switcher rates have been reduced by up to 0.20%.