The mortgage arm of the Nationwide group, The Mortgage Works, has reduced its rates by up to 0.95 per cent.
From today (10 December), the provider is offering reduced new mortgage rates of up to 0.85 per cent on its buy-to-let two-year products at up to 75 per cent loan-to-value (LTV).
Fixed and tracker two-year products with a 2.5 per cent fee will be reduced to 2.49 per cent and 2.24 per cent respectively.
Flat fee products are also being reduced by up to 0.85 per cent, with rates starting from 2.79 per cent.
A zero fee product has been introduced, with a rate of 3.69 per cent.
In addition, TMW remortgage and let-to-buy two-year products at up to 75 per cent LTV will be reduced by up to 0.95 per cent, with headline rates now starting from 2.89 per cent.
The move aims to enable landlords with smaller deposits to access more competitive fixed rate and tracker deals.
Paul Wootton, TMW’s head of specialist mortgages, said the new range of rates and tracker mortgages will provide landlords with a wider choice of products and competitive rates.
“In addition, the changes continue to demonstrate TMW’s commitment to our customers and intermediaries, by providing competitive mortgage options for landlords who are looking to maximise their cashflow and those wishing to minimise upfront costs.”
He also pointed to fresh deals for those looking to rent out their existing residential property using a TMW let-to-buy mortgage, which Nationwide customers can coordinate with their residential mortgage application.
Switcher rates for existing customers will be cut by up to up to 0.20 per cent, and a £995 fee two-year tracker and a £1,995 fixed rate product will be introduced.
Jane King, mortgage consultant at London-based Ash-Ridge, said: “TMW have a history of offering competitive buy to let rates and these are no exception.
“The reduction in fees may still make them uncompetitive for larger loans where a flat fee is usually a better option, however, the actual rates are market leading.”
katherine.denham@ft.com
