Nationwide’s buy-to-let arm The Mortgage Works has cut rates on selected 2-year fixed-rate mortgages by 0.15 per cent.
The move means that for new and existing customers the 2-year fixed-rate mortgage with £1,995 fees up to 65 per cent loan-to-value (LTV) will now start at 1.74 per cent, while the 75 per cent LTV product will start at 1.99 per cent.
For new customers looking for a product with free standard legals and valuation, 2-year fixed-rates with £1,995 fees up to 65 per cent LTV will start at 1.94 per cent, with those up to 75 per cent LTV starting from 2.19 per cent.
Paul Wootton, managing director of The Mortgage Works (TMW), said: “TMW is looking to increase the competitiveness of its mortgage rates, with these reductions supporting landlords wanting to maximise cashflow.
“In addition, we are reducing rates on products with free standard valuation and free standard legals, offering an alternative for landlords wanting to minimise upfront costs.”
Mike Richards, director at London-based Mortgage Concepts Associates, commented: “I would say they are following suit on the moves of the more specialist lenders, some of which have reduced their rates by up to 0.7 per cent over the past few days.
“It is a bit of a fight for business. It is a very competitive market and lenders are all trying to grow their share.”
simon.allin@ft.com
