The Mortgage Works is cutting buy-to-let mortgage rates by up to 0.20 percentage points on selected fixed rate products and introducing three new products to its range, effective from today, Wednesday 13 May.
The rate reductions apply to selected one, two and five-year fixed rate products across its buy-to-let, Houses in Multiple Occupation (HMO), and limited company ranges for new customers. Among the cuts:
A two-year fixed rate buy-to-let mortgage (purchase and remortgage) falls to 3.32%, down 0.12 percentage points, with a 3% fee, available up to 65% LTV.
A two-year fixed rate limited company buy-to-let mortgage (purchase, remortgage and further advance) drops to 4.34%, down 0.15 percentage points, with a 3% fee, up to 75% LTV with free valuation.
A two-year fixed rate limited company HMO mortgage (purchase, remortgage and further advance) reduces to 4.39%, down 0.20 percentage points, with a 3% fee, up to 75% LTV.
Alongside the cuts, three new products are joining the new customer buy-to-let range:
- A one-year fixed rate product (purchase and remortgage) at 4.34% with a 1% fee, up to 75% LTV.
- A one-year fixed rate remortgage-only product at 4.84% with a 1% fee, up to 75% LTV, including free valuation and free legal.
- A two-year tracker product (purchase and remortgage) at 4.19% with a 1% fee, up to 75% LTV, with free valuation.
Existing customers also benefit from today's changes. Selected two and five-year fixed-rate HMO and limited company HMO products are being cut by up to 0.20 percentage points, while rates on selected two and five-year buy-to-let and limited company buy-to-let products fall by up to 0.10 percentage points.
"These latest rate reductions and new products, including one-year fixed and two-year tracker options with a one per cent fee, are designed to give landlords greater flexibility and choice in a changing market," said Keir Fraser, lead manager at The Mortgage Works.
"All of our tracker products also include a switch-to-fix facility, allowing customers to move on to one of our existing customer fixed rates at any time without incurring early repayment charges."
