The Mortgage Works cuts BTL rates

The Mortgage Works cuts BTL rates

Nationwide Building Society’s buy-to-let arm The Mortgage Works has reduced rates across its product range and introduced a £1,000 cashback offer.

The Mortgage Works has reduced the rates of two of its five-year fixes from 3.69 per cent to 3.59 per cent with a 2 per cent fee, and from 3.94 per cent to 3.84 per cent without fee. They come at 80 per cent loan-to-value (LTV).

The lender’s limited company five-year fix, which is offered at 75 per cent LTV, has also been reduced from 3.84 per cent to 3.74 per cent.

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Meanwhile, a let-to-buy five-year fix, which is a BTL remortgage of an existing residential property, has been added at a rate of 3.99 per cent. It comes with up to 75 per cent LTV and the new £1,000 cashback deal.

The Mortgage Works also launched a two-year fixed rate mortgage at 4.69 per cent at up to 80 per cent LTV, with no fee and offering £1,000 cashback.

Paul Wootton, managing director of The Mortgage Works, said: "These changes are aimed at supporting landlords with varied needs and requirements, helping them to access a choice of products with competitive rates and to manage their cashflow.

"With ongoing improvements to our product proposition, this further illustrates The Mortgage Works' continued commitment to supporting intermediaries and landlords."

Nicholas Morrey, product technical manager at John Charcol, said The Mortgage Works had priced the products very competitively, edging for market leading rates in their high LTV range. 

He said: "They are looking to be more competitive with these products, potentially more for outside London.

"If the London market is looking a bit weak at the moment perhaps they are looking to balance their books by being outside London."