The Mortgage Works will cut selected fixed-rate loans across its buy-to-let and limited company BTL range by up to 95 basis points, as well as launching new two-year tracker products on Friday (11 November).
The Nationwide-owned specialist lender says new BTL rates include:
- A one-year fixed-rate offer at 3.99% with a 2% fee, available up to 75% loan to value
- A two-year fixed-rate deal at 4.39% with a 3% fee, available up to 65% LTV
- A five-year fixed-rate loan at 4.89% with a 3% fee, available up to 65% LTV
- And a two-year tracker at 3.24% (bank base rate plus 0.24%) with a 3% fee, available up to 65% LTV
New limited company BTL rates include:
- A one-year fixed-rate offer at 4.74% with a 2% fee, available up to 75% LTV
- A two-year fixed-rate deal at 4.99% with a 3% fee, available up to 75% LTV
- A five-year fixed-rate loan at 5.49% with a 3% fee, available up to 75% LTV
- And a two-year tracker at 3.49% (bank base rate plus 0.49%) with a 3% fee, available up to 75% LTV
The firm says the above loans are available for purchase and remortgage with other rate/fee and benefit combinations available.
It adds that all of its tracker products come with the Switch to Fix facility, which allows customers to switch to an existing customer fixed-rate product at any time, without paying early repayment charges.
BTL stress rates now range between 5.99% and 8.79% depending on the selected product.
The Mortgage Works head Daniel Clinton says: “As one of the largest BTL 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.”