As of tomorrow, Wednesday 3rd July, The Mortgage Works (TMW) is set to reduce rates by up to 0.30% across selected buy-to-let (BTL) products for both new and existing customers.
For new business, the revised rates include a 2-year fixed rate for buy-to-let purchase and remortgage at 3.69% with a 3% fee, available up to 65% loan-to-value (LTV), reduced by 0.10%.
Additionally, there will be a 5-year fixed rate for buy-to-let purchase and remortgage at 4.04% with a 3% fee, available up to 65% LTV, also reduced by 0.10%.
TMW’s 5-year fixed switcher rate for buy-to-let at 4.14% with a 3% fee, will see a reduction of 0.10% and is available up to 75% LTV.
As part of these changes, the lender’s new business rates for limited companies have also been reduced.
These include a 2-year fixed rate for buy-to-let purchase and remortgage at 4.99% with a 3% fee, available up to 75% LTV, reduced by 0.30%.
Another option is a 2-year fixed rate for buy-to-let purchase and remortgage at 5.69% with a £3,995 fee, available up to 75% LTV, reduced by 0.20%.
Joe Avarne, senior manager of buy-to-let mortgages at The Mortgage Works, said: “We remain as committed as ever to supporting brokers and landlords, which is why we’re pleased to announce rate cuts across our range.
“Our products are some of the most competitive in the sector and, with rates now starting from 3.69%, these new deals will improve affordability and help widen market access for buy-to-let investors.”
