TMW cuts buy-to-let rates

The Mortgage Works (TMW) has cut new mortgage rates by up to 0.85% on its Buy to Let 2 year products to 75% LTV.

It has reduced its fixed and tracker two-year products with a 2.50% fee by 0.50% to 2.49% and 2.24% respectively.

Flat fee products are also being reduced by up to 0.85%, with rates starting from 2.79%.

A new zero fee product has been introduced, with a rate of 3.69%.

TMW, part of the Nationwide group, is also reducing remortgage and Let to Buy 2 year products to 75% by up to 0.95%, with headline rates now starting from 2.89%.

The move will enable landlords with smaller deposits to access more competitive fixed rate and tracker deals.

Paul Wootton, TMW’s head of specialist mortgages, said: “The changes 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.

“There are also new deals for those looking to rent out their existing residential property using a TMW Let to Buy mortgage, which Nationwide customers can co-ordinate with their residential mortgage application.”

Switcher rates for existing customers will be cut by up to up to 0.20%, and a £995 fee two-year tracker and a £1,995 fixed rate product will be introduced.

The new full range of rates is available to both first time and experienced landlords through intermediaries.