The Mortgage Works (TMW) has announced plans to reduce rates on selected products across its range by up to 0.50%, effective from Wednesday 19th April.
The rate reductions encompass various buy-to-let, Limited Company, HMO (Houses in Multiple Occupation), and let-to-buy products.
Among the buy-to-let products benefiting from rate reductions are 2-, 5-, and 10-year fixed rate products.
Notable examples include a 2-year fixed rate buy-to-let at 3.69% with a 3% fee, available up to 65% LTV (reduced by 0.30%), a 5-year fixed rate buy-to-let at 3.99% with a 3% fee, available up to 65% LTV (reduced by 0.40%), and a 5-year fixed rate buy-to-let at 4.19% with a 3% fee, available up to 75% LTV (reduced by 0.50%).
In the Limited Company category, reductions of up to 0.25% apply to selected 2- and 5-year fixed rate products, such as a 2-year fixed rate Limited Company (for remortgages) at 4.74% with a 3% fee, available up to 75% LTV (reduced by 0.25%), and a 5-year fixed rate Limited Company (for remortgages) at 4.94% with a 3% fee, available up to 75% LTV (reduced by 0.15%).
HMO products will see rate reductions of up to 0.10% across selected 2- and 5-year fixed rate products. For instance, a 2-year fixed rate HMO at 4.49% with a 3% fee, available up to 75% LTV (reduced by 0.10%), and a 5-year fixed rate HMO at 4.84% with a 3% fee, available up to 75% LTV (reduced by 0.10%).
Let-to-buy products will also experience rate reductions of up to 0.50% across selected 2- and 5-year fixed rate products, such as a 2-year fixed rate let-to-buy (for remortgages) at 4.34% with a 3% fee, available up to 65% LTV (reduced by 0.25%), and a 5-year fixed rate let-to-buy (for remortgages) at 4.59% with a 3% fee, available up to 75% LTV (reduced by 0.50%).
Daniel Clinton, head of specialist lending at The Mortgage Works, said: “We offer a broad range of products to meet the varying needs of landlords.
“These latest rate reductions apply across the range and demonstrate our commitment to supporting the buy-to-let market with competitive products.”
