The rate reductions are effective starting December 21
The Mortgage Works (TMW), the buy-to-let mortgage lender of Nationwide Building Society, has announced that it will be reducing rates on one-, two-, three-, and five-year fixed rate switcher mortgage products by up to 40 basis points, effective December 21.
The new buy-to-let rates include:
- One-year fixed at 3.79% with a 2% fee, available up to 75% LTV - reduced by 0.20%
- Two-year fixed at 3.99% with a 3% fee, available up to 65% LTV - reduced by 0.40%
- Five-year fixed at 4.24% with a 3% fee, available up to 65% LTV - reduced by 0.25%
The lender said other rate and fee combinations are also available on its switcher products. Full details on all switcher rate reductions can be found on its website.
Daniel Clinton, director of landlord at The Mortgage Works, said the rate cuts demonstrate the buy-to-let lender’s continued commitment to supporting its existing landlord customers who are coming to the end of their current TMW deal.
“The reductions will mean our buy-to-let switcher range will be even more competitive and a good option for landlords looking to maximise cashflow by helping them manage payments when they finish their existing deal,” Clinton added.
