The Mortgage Works has launched its lowest ever five-year fixed rate deal for buy-to-let borrowers.
The specialist buy-to-let arm of Nationwide Building Society is offering a rate of 1.99 per cent up to a 50 per cent loan to value.
It’s the first time the provider has offered a five-year deal below 2 per cent.
The product comes with a £1,995 fee and the rate rises to 2.39 per cent for those borrowing more than 50 per cent of the property value.
TMW has also lowered rates on other products within its range by as much as 0.15 per cent, including a two-year fixed deal at 2.14 per cent with no fees.
Rachel Lummis, mortgage adviser at Xpress Mortgages, said: “The headline rate on this lowest ever five-year fix is great for buy-to-let clients with plenty of equity, but it won’t be available for every landlord. A shake-up of a lender’s BTL range is always welcome though and low rates give borrowers more choice.”
Paul Wootton, managing director at TMW, said: “The aim is to help landlords 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.”