The Mortgage Works has announced that it has cut rates on selected two-year tracker products by up to 0.30% and five-year fixed rates by up to 0.15%.
The specialist buy-to-let arm of Nationwide announced that a new five-year fixed rate HMO product range is also being introduced, starting at 3.69%, while the existing two-year fixed rate product with £1,995 fee is being reduced by 0.15% to 2.99%.
Two-year buy-to-let tracker products up to 65% LTV with a £1,995 fee will be reduced by 0.30% and start at 1.39%, while the two-year tracker with a 2% fee will be reduced by 0.20% to 1.39%.
Rates for the five-year fixed rate mortgage product up to 65% LTV with no fee will be reduced by 0.10% to 2.89%, whilst the product up to 75% LTV with £1,995 fee will be reduced by 0.15% to 2.89% .
Paul Wootton, Managing Director of TMW, said: “TMW is looking to increase the competitiveness of its tracker mortgage rates as well as selected fixed rates, and will now be offering some of the lowest rates in the buy-to-let market. Our tracker products will continue to offer a switch to fix feature, meaning that landlords can switch to a fixed rate product at any time during the initial two-year deal period.
Extending the range for HMO landlords by introducing a five-year fixed option will also allow us to offer a wider choice of products and continue to support landlords in their choices.”