The Mortgage Works has announced immediate reductions on selected buy-to-let mortgage products, with rate cuts of up to 0.20 percentage points. The changes apply to both new purchases and remortgages.
New Business Rate Reductions
For individual landlords, the updated rates include:
- One-year fixed buy-to-let (purchase and remortgage) at 2.49% with a 2% fee, up to 75% LTV (reduced by 0.20%).
- Two-year fixed buy-to-let (purchase and remortgage) at 2.71% with a 3% fee, up to 75% LTV (reduced by 0.18%).
- Five-year fixed buy-to-let (remortgage only) at 3.67% with a 3% fee, up to 75% LTV (reduced by 0.12%).
Limited Company Options
For landlords operating through limited companies, new rates include:
- Two-year fixed buy-to-let (purchase, remortgage, and further advance) at 4.89% with a £1,495 fee, up to 75% LTV – includes free valuation and a 0.20% rate reduction.
- Five-year fixed buy-to-let (purchase, remortgage, and further advance) at 4.94% with a £1,495 fee, up to 75% LTV – includes free valuation and a 0.18% reduction.
- Five-year fixed buy-to-let (remortgage only) at 4.99% with a £1,495 fee, up to 75% LTV – includes free valuation, free legal fees, and a 0.18% reduction.
Supporting Landlords
Daniel Clinton, head of buy-to-let at The Mortgage Works, emphasises the lender’s commitment to supporting landlords who contribute to housing one in five UK households. He highlights the importance of fair and forward-looking investment, long-term relationships, and responsible lending practices.
Clinton adds that the products cater to a range of landlords, whether first-time investors, portfolio managers, HMO operators, or those using a limited company structure.
Improving the Application Process
To further assist landlords, The Mortgage Works has introduced a Decision in Principle (DIP) specifically for limited company purchases and remortgages. This change aims to speed up lending decisions and streamline the application process.
A Focus on Responsible Investment
The lender maintains that its offerings are designed for landlords committed to responsible investment, helping to ensure long-term financial security for themselves and tenants alike.
Product Flexibility
With competitive rates and tailored options for both individual and limited company landlords, The Mortgage Works positions itself as a partner for those navigating the buy-to-let market.
Portfolio Management
Whether letting a single property or managing multiple investments, landlords can benefit from these new rates and improved processes to make more informed financial decisions.
HMO Landlords
The new rates also support landlords managing Houses in Multiple Occupation (HMOs), reflecting the lender’s focus on varied property types and tenant needs.
Encouraging Long-Term Commitment
Clinton stresses that the products encourage a long-term approach to property investment, reinforcing stability within the sector.
Market Responsiveness
The rate adjustments demonstrate The Mortgage Works’ responsiveness to market conditions, helping landlords remain competitive while maintaining financial prudence.
Fee Structures
Transparent fee structures accompany the new rates, ensuring landlords can clearly assess costs upfront without hidden charges.
Supporting Financial Futures
Through these products, The Mortgage Works aims to underpin the financial futures of landlords, helping them to grow their investments responsibly.
Commitment to Innovation
The lender continues to innovate within the buy-to-let space, offering tools such as the DIP and competitive products to improve efficiency and support investment decisions.
Conclusion
Overall, The Mortgage Works’ latest rate reductions and tailored product options reaffirm its focus on responsible lending, long-term landlord support, and facilitating sustainable growth in the buy-to-let sector.
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