The move comes a week before the Bank of England’s new interest rate decision.
Nationwide Building Society’s mortgage lender has cut interest rates on select products to demonstrate its ongoing commitment to brokers and landlords.
Starting today, The Mortgage Works will reduce rates across its Buy-to-Let deals by up to 0.25 percent, with rates starting at 3.54 percent. This reduction is part of their broader strategy to support the market and provide competitive options for property investors.
This change comes just over a week before the Bank of England announces its next Base Rate decision, which may further impact mortgage rates. The upcoming decision is being closely watched by the industry, as it could lead to further adjustments in mortgage offerings. Nationwide’s proactive rate cuts position them to stay ahead of potential shifts in the market, ensuring they remain a strong option for borrowers.
Joe Avarne, senior manager for buy-to-let mortgages at The Mortgage Works, commented on the recent rate cuts: “We are pleased to announce further reductions to demonstrate our ongoing commitment to brokers and landlords. These latest reductions make us one of the most competitive providers of buy-to-let mortgages in the sector with rates now starting from 3.54 percent. This move not only shows our dedication to providing value but also ensures that we remain a top choice for those seeking buy-to-let mortgage solutions.”
The new rate reductions aim to offer more attractive options for landlords and brokers, reinforcing The Mortgage Works’ position in the market. Here’s a detailed list of the new buy-to-let rates:
- Two-year fixed rate (purchase and remortgage) at 3.54 percent with a three percent fee, available up to 65 percent LTV (reduced by 0.15 percent)
- Five-year fixed rate (purchase and remortgage) at 3.94 percent with a three percent fee, available up to 65 percent LTV (reduced by 0.10 percent)
- Five-year fixed rate (purchase and remortgage) at 3.99 percent with a three percent fee, available up to 75 percent LTV (reduced by 0.15 percent)
- Five-year fixed rate (purchase and remortgage) at 4.44 percent with a £1,495 fee, available up to 65 percent LTV (reduced by 0.25 percent)
These changes come just over a week before the Bank of England is set to announce its next Base Rate decision, which could influence mortgage rates further. By reducing rates now, The Mortgage Works aims to provide stability and competitive options for landlords and brokers in an uncertain market.
Joe Avarne, senior manager for buy-to-let mortgages at The Mortgage Works, commented on the recent rate cuts: “We are pleased to announce further reductions to demonstrate our ongoing commitment to brokers and landlords. These latest reductions make us one of the most competitive providers of buy-to-let mortgages in the sector with rates now starting from 3.54 percent. This move not only shows our dedication to providing value but also ensures that we remain a top choice for those seeking buy-to-let mortgage solutions.”
The new rate reductions aim to offer more attractive options for landlords and brokers, reinforcing The Mortgage Works’ position in the market. Here’s a detailed list of the new buy-to-let rates:
- Two-year fixed rate (purchase and remortgage) at 3.54 percent with a three percent fee, available up to 65 percent LTV (reduced by 0.15 percent)
- Five-year fixed rate (purchase and remortgage) at 3.94 percent with a three percent fee, available up to 65 percent LTV (reduced by 0.10 percent)
- Five-year fixed rate (purchase and remortgage) at 3.99 percent with a three percent fee, available up to 75 percent LTV (reduced by 0.15 percent)
- Five-year fixed rate (purchase and remortgage) at 4.44 percent with a £1,495 fee, available up to 65 percent LTV (reduced by 0.25 percent)
The Mortgage Work’s new buy-to-let switcher rates include:
- Two-year fixed rate at 3.84 percent with a three percent fee, available up to 55 percent LTV (reduced by 0.05 percent)
- Two-year fixed rate at 3.84 percent with a three percent fee, available up to 65 percent LTV (reduced by 0.05 percent)
- Five-year fixed rate at 4.74 percent, with no fee, available up to 55 percent LTV (reduced by 0.05 percent)
Andrew Montlake, managing director at Coreco, commented: “The competition between lenders continues to simmer during the summer season as SWAP rates continue to drift down gently. This gives lenders room for manoeuvre and, after a slow pre-election period, lenders are keen to start motoring once more. It is still not quite an all-out rate war, but these initial skirmishes are intensifying.”
Emma Jones, managing director at Whenthebanksaysno.co.uk, added: “It never rains but it pours. The rate cuts just keep on coming and it’s great to see. Mortgage lenders do not appear to be singing from the same hymn sheet as the markets.”
These changes come just over a week before the Bank of England is set to announce its next Base Rate decision, which could influence mortgage rates further. By reducing rates now, The Mortgage Works aims to provide stability and competitive options for landlords and brokers in an uncertain market.
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