The Mortgage Works has reduced the pay rate on its three year fixed rate buy-to-let mortgage from 4.69% to the market-leading rate of 4.55%.
The new rate will be effective from Saturday September 17 2005 via intermediaries.
The Mortgage works anticipates that this new rate cut will serve to further stimulate the buy-to-let market and encourage landlords to review their portfolios and remortgage for a better rate.
Paul Howard, director for The Mortgage Works says: “Once again, The Mortgage Works leads this important market sector. This three year fixed rate offers landlords the opportunity to lock into an incredibly low payment rate combined with generous rental calculations. We have written substantial levels of business since the product was launched in April and we are confident that we will continue to do so with the new reduced rate of 4.55%.
“We feel that the outlook for the buy-to-let sector is positive with nothing to suggest a slow down in the demand for rental property on the horizon. The recent reduction in interest rates have certainly helped to make the purchase of buy-to-let property more affordable than ever. Buy-to-let is a long term investment, it is not a get rich quick scheme, but with low interest rates, good affordability and no expected slump in house prices, we believe its an all round good long term investment”.