The Mortgage Works has launched the market’s only buy-to-let 10-year fixed rate mortgage.
The deal is priced at 4.99 per cent and is available to 75 per cent LTV with a £995 fee.
TMW has also launched a five-year fix, available up to 80 per cent LTV, at a rate of 4.49 per cent.
All of TMW’s five- and 10-year fixed rate deals continue to be stress-tested at 4.99 per cent with a rental cover requirement of 125 per cent.
TMW managing director Henry Jordan says: “TMW’s 10-year fix will fill a gap in the market that has seen a trend towards opting for longer term options. With longer term fixed rate buy-to-let mortgages available at historically low rates, now could be the perfect time for both experience and first-time landlords to lock in payments.”