On Wednesday, 21 August, The Mortgage Works (TMW) will introduce reductions on select buy-to-let mortgage rates for new customers, with decreases of up to 0.10 percentage points. These rate cuts are part of TMW’s ongoing effort to offer competitive deals to landlords, with rates now starting from 3.49%.
For new buy-to-let customers, the revised offerings include:
– A two-year fixed rate for purchase and remortgage at 4.64%. This deal comes with a £1,495 fee and is available for up to 75% loan-to-value (LTV). The rate has been reduced by 0.10%, making it a more attractive option for landlords seeking short-term rate security.
– A five-year fixed rate for purchase and remortgage at 4.29%, also with a £1,495 fee and available for up to 75% LTV. This rate has been reduced by 0.05%, offering a longer-term option for those looking to lock in lower rates over an extended period.
For Limited Company landlords, TMW is offering:
– A two-year fixed rate for purchase, remortgage, and further advance at 4.79%, with a 3% fee. This product is available for up to 75% LTV, and the rate has been reduced by 0.05%. This adjustment aims to provide more competitive financing options for companies operating in the buy-to-let market.
These reductions reflect TMW’s response to current market conditions, where lenders are increasingly focused on attracting new business by lowering rates and offering more favourable terms. As the buy-to-let sector continues to evolve, these adjustments may provide landlords with opportunities to secure more manageable borrowing costs.
Joe Avarne, Senior Manager for Buy-to-Let Mortgages at The Mortgage Works, commented: “The Mortgage Works is dedicated to offering a diverse selection of mortgage options to cater to the varied needs of landlords and brokers. Our recent reductions in rates are part of our ongoing effort to remain a leading provider in the buy-to-let sector. By providing competitive rates starting from 3.49%, we aim to support our clients with more affordable and flexible financing solutions. These adjustments reflect our commitment to delivering value and helping our customers achieve their property investment goals.”
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