The Mortgage Works has announced that it will be reducing interest rates on a selection of its buy-to-let and limited company mortgage products. These rate changes will apply to both new and existing customers and are part of the lender’s ongoing commitment to supporting landlords in a challenging market.
The revised rates are set to take effect from Saturday, 10th April. This announcement comes at a time when many property investors are closely monitoring the market for signs of stability and improved affordability.
Among the key changes is a new buy-to-let 2-year fixed rate mortgage available for both purchase and remortgage purposes. This deal is being offered at a competitive rate of 2.79%, with a 3% product fee, and is available for properties up to 65% loan-to-value (LTV).
Another revised offering includes a buy-to-let 2-year fixed rate for remortgage only, now available at 3.29% with a 3% fee. This product supports borrowing up to 75% LTV, making it a practical option for landlords looking to refinance their existing properties.
For limited company landlords, The Mortgage Works has adjusted its 2-year fixed rate deal, available for purchase, remortgage and further advances. This rate has been reduced by 0.10% and now stands at 4.14% with a 3% fee, supporting borrowing up to 75% LTV. A free property valuation is also included with this product.
In addition to new business rate changes, the lender is also rolling out reductions on its switcher products. One of the revised options is a buy-to-let 2-year fixed rate at 4.60% with no fee, available up to 65% LTV. This could appeal to existing customers looking to secure more favourable terms.
Another switcher deal includes a 2-year fixed buy-to-let mortgage at 4.79%, also with no fee, for loans up to 75% LTV. These fee-free options are designed to provide added flexibility and value for current mortgage holders.
Limited company landlords looking to switch will also benefit from a reduced 2-year fixed rate of 5.94%, with no fee and borrowing available up to 75% LTV. This product is aimed at supporting those seeking predictable monthly payments without additional upfront costs.
Joe Avarne, senior manager at The Mortgage Works, commented: “We’re pleased that the current environment means we’re able to support landlords with some further rate reductions on selected mortgages from tomorrow.” His comments reflect a positive outlook for borrowers amid a market that continues to fluctuate.
Overall, these new rates are expected to offer greater affordability to landlords and property investors alike. As mortgage rates begin to settle and potentially fall further this year, landlords may find it an opportune time to reassess their portfolios and make the most of competitive financing options.
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