The Mortgage Works cuts rates on 2-year loans with £1,995 fees

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The Mortgage Works will cut rates on its two-year fixed and tracker rates with a £1,995 fee by up to 0.20 per cent.

Rates for the lender’s existing two-year fixed rate products with a £1,995 fee have been reduced by up to 0.20 per cent and now start at 1.89 per cent.

Meanwhile, TMW’s two-year tracker with a £1,995 fee now starts at 1.84 per cent.

The changes come in tomorrow.

In addition, the lender’s existing five-year fixed rates with a £1,995 fee have been reduced by up to 0.15 per cent and now start at 2.64 per cent.

New five-year fixed rate products with a £1,995 fee and free standard valuation and legals or cashback option have also been introduced to expand the range, with rates starting from 2.74 per cent.

In addition, the cap restricting free standard valuations to those taking out loans on properties valued at £500,000 or less will be removed.

TMW managing director Paul Wootton says: “TMW is looking to widen options for landlords, particularly those looking for lower rates but with a higher upfront fee, across its product range of fixed rate and tracker mortgages for two-year and five-year terms.”

Existing mortgage customer switcher rates have also been reduced by up to 0.20 per cent.