The Mortgage Works will launch its cheapest five-year buy-to-let mortgage yet, as part of a revamp of its fixed-rate range.
This is the first time that TMW – the buy-to-let arm of the Nationwide Building Society – has launched a five-year fix at under 2 per cent.
These repriced five-year fixes start at 1.99 per cent for buy-to-let loans up to 50 per cent LTV. This mortgage comes with a £1,995 fee.
TMW is also offering a fee-free option on this deal, with rates starting at 2.39 per cent.
In addition, TMW has reduced rates on a selection of its other buy-to-let deals by 0.15 per cent. It is also launching a new fee-free two-year fix, with rates starting from 2.14 per cent.
There are also changes to rates for existing customers looking to switch products, with fixed rates again starting from 1.99 per cent, depending on the LTV and fee structure selected.
TMW managing director Paul Wootton says: “TMW is offering a range of new buy-to-let deals, including our lowest ever five-year fixed rate product. The aim is to help landlords to manage ongoing costs and offer a wider choice of options.
“This is particularly important in an environment where managing cashflow and costs has become increasingly significant for both portfolio and smaller scale landlords.”