The Mortgage Works has launched a 10-year fixed rate buy-to-let product at 3.49 per cent.
The new deal represents a drop of 0.50 per cent on the lender’s previous 10-year fix and is available at up to 75 per cent LTV.
The product, from the specialist buy-to-let arm of Nationwide, includes free standard valuation, £250 cashback and no arrangement fee.
TMW has also lowered rates on its two-year tracker deals by up to 0.45 per cent.
Trackers now start at 1.49 per cent for up to 65 per cent LTV BTL and come with a £1995 fee. The tracker products include a switch to fix facility, enabling customers to switch to an existing customer fixed rate deal without incurring ERCs.
TMW managing director Paul Wootton says: “The reductions to tracker rates and the new 10 year fixed rate product, which offers a significantly lower rate than previously, are aimed at widening choice for landlords who are looking to manage their cashflow and access competitive buy to let mortgage rates.”
The new rates are available from tomorrow, Thursday 24 May.
TMW recently removed its age limit at application for experienced landlords looking to borrow up to 65 per cent LTV and increased the maximum LTV for buy-to-let mortgages from 75 per cent to 80 per cent for first-time and experienced landlords.