The Mortgage Works (TMW) is reducing selected fixed buy-to-let and limited company buy-to-let rates by up to 0.95% and will introduce new 2-year tracker products, this Friday.
The new additions are available for purchase and remortgage with other rate/fee and benefit combinations also available.
Addiotnally, all TMW tracker products come with the ‘Switch to Fix’ facility which allows customers to switch to an existing customer fixed rate at any time without incurring Early Repayment Charges.
Daniel Clinton, head of The Mortgage Works, said: “As one of the largest buy-to-let lenders in the UK, we are continually looking at ways we can support landlords by offering them a wide range of options.
“These latest reductions to our fixed rates will help those who want to maximise cashflow while maintaining certainty over their repayments.”
Some of the new buy-to-let rates on offer include a one-year fixed at 3.99% with a 2% fee, available up to 75% LTV, a 2-year fixed at 4.39% with a 3% fee, available up to 65% LTV, and a 2-year tracker at 3.24% (Bank Base Rate plus 0.24%) with a 3% fee, available up to 65% LTV
As for the new limited company buy-to-let rates, these include a 1-year fixed at 4.74% with a 2% fee, available up to 75% LTV, a 5-year fixed at 5.49% with a 3% fee, available up to 75% LTV, and a 2-year tracker at 3.49% (Bank Base Rate plus 0.49%) with a 3% fee, available up to 75% LTV.
As a result of these changes the buy-to-let stress rates will now be between 5.99% and 8.79% depending on the product selected.
