The Mortgage Works slashes select buy-to-let rates

New set of fee options also made available across its mortgage range

The Mortgage Works slashes select buy-to-let rates

The Mortgage Works (TMW), the buy-to-let mortgage lender of Nationwide Building Society, has reduced selected buy-to-let fixed rates by up to 0.95 percentage points and adjusted its range to offer products with various fee options.

The new buy-to-let rates include one-year fixes at 3.89% with a 2% fee, available up to 75% LTV; two-year fixes at 4.29% with a 3% fee, available up to 65% LTV; and five-year fixes at 4.69% with a 3% fee, available up to 65% LTV.

These products are available for purchase and remortgage, with other rates or fees and benefit combinations also available.

The buy-to-let lender is also simplifying its range by introducing a new, uniform set of fee options across its mortgage range. In addition to products that come with a 3% fee, landlords will also be able to choose from TMW products with reduced fees – either a £1,495 fee or a £0 fee. These will replace the existing products that come with £1,995 and £995 fees.

“Greater market stability and a downward trend in swap rates means we’re able to make further reductions to our buy-to-let mortgage range and continue to support landlords looking to manage their finances through fixed rates,” Daniel Clinton, director of landlord at Nationwide Building Society, said.

“TMW offers landlords a broad range of options to meet their varying needs and the new, reduced fee options we’re also introducing will simplify our mortgage range and demonstrate to landlords that TMW is very much open for business.”

Full details of TMW’s latest rate reductions and new products can be accessed through its website