Nationwide Building Society’s mortgage lender has reduced interest rates on select products to show “ongoing commitment to brokers and landlords”.
As of today, The Mortgage Works will reduce rates across its Buy-to-Let deals by up to 0.25 percent, with rates starting from 3.54 percent.
The move comes just over a week before the Bank of England announces its next Base Rate decision, which could influence mortgage rates further.
Joe Avarne, senior manager, buy-to-let mortgages at The Mortgage Works, commented: “We are pleased to announce further rate cuts to demonstrate our ongoing commitment to brokers and landlords.
“These latest reductions make us one of the most competitive providers of buy-to-let mortgages in the sector with rates now starting from 3.54 percent.”
Here’s a list of new business buy-to-let rates:
- Two-year fixed rate (purchase and remortgage) at 3.54 percent with a three percent fee, available up to 65 percent LTV (reduced by 0.15 percent)
- Five-year fixed rate (purchase and remortgage) at 3.94 percent with a three percent fee, available up to 65 percent LTV (reduced by 0.10 percent)
- Five-year fixed rate (purchase and remortgage) at 3.99 percent with a three percent fee, available up to 75 percent LTV (reduced by 0.15 percent)
- Five-year fixed rate (purchase and remortgage) at 4.44 percent with a £1,495 fee, available up to 65 percent LTV (reduced by 0.25 percent).
The Mortgage Work’s new buy-to-let switcher rates include:
- Two-year fixed rate at 3.84 percent with a three percent fee, available up to 55 percent LTV (reduced by 0.05 percent)
- Two-year fixed rate at 3.84 percent with a three percent fee, available up to 65 percent LTV (reduced by 0.05 percent)
- Five-year fixed rate at 4.74 percent, with no fee, available up to 55 percent LTV (reduced by 0.05 percent).
A number of mortgage lenders, including TSB, Barclays, and Virgin, have been slashing interest rates in recent weeks.
Andrew Montlake, managing director at Coreco: “The competition between lenders continues to simmer during the summer season as SWAP rates continue to drift down gently. This gives lenders room for manoeuvre and, after a slow pre-election period, lenders are keen to start motoring once more. It is still not quite an all-out rate war, but these initial skirmishes are intensifying.”
Emma Jones, managing director at Whenthebanksaysno.co.uk: “It never rains but it pours. The rate cuts just keep on coming and it’s great to see. Mortgage lenders do not appear to be singing from the same hymn sheet as the markets.”
