From tomorrow (Friday 8th December), buy-to-let (BTL) lender The Mortgage Works (TMW) has reduced rates for new and existing customers by up to 0.40%.
The lender’s rates now start from 4.19%.
This followed Nationwide’s reduction of residential rates by up to 0.31%.
The BTL rate reductions for new customers include: a 2-year fixed rate for purchase and remortgage at 4.19% with a 3% fee, available up to 65% LTV – reduced by 0.15%; a 2-year fixed rate for purchase and remortgage at 4.34% with a 3% fee, available up to 75% LTV – reduced by 0.15%; a 5-year fixed rate for purchase and remortgage at 4.54% with a 3% fee, available up to 75% LTV – reduced by 0.20%.
TMW also reduced rates for new customers by up to 0.40% on its Large Portfolio and Let-to-Buy ranges.
The lender reduced rates by up to 0.20% on its Green Further Advance products, aimed at landlords looking to improve the energy efficiency of their property.
Rates were also reduced on selected products for existing BTL customers by up to 0.35%, Limited Company products by up to 0.25%, and Large Portfolio products by up to 0.20%.
Products for houses in multiple occupation (HMO), Large Portfolio HMO, and Limited Company HMO products were reduced by up to 0.30%.
Daniel Clinton, head of buy-to-let mortgages at TMW, said: “These latest rate cuts are focused on ensuring we are supporting all types of landlords and their needs, and follows on from last week’s reductions for HMO and Limited Company landlords.
“With rates starting from 4.19% TMW offer some of the most competitive rates in the market which we hope demonstrates our continued commitment and support for the sector.”
