The Mortgage Works will be cutting rates by up to 0.20 percentage points
The Mortgage Works will be cutting rates by up to 0.20 percentage points
Nationwide subsidiary The Mortgage Works is from tomorrow (Wednesday 13 May) cutting rates by up to 0.20 percentage points on selected one, two and five-year fixed rate products across its mortgage range for new and existing customers as well as introducing new products to its buy-to-let range.
Across the new customer range, The Mortgage Works will be cutting rates by up to 0.20 percentage points on selected one, two and five-year fixed rate products across its buy-to-let, Houses in Multiple Occupation (HMO) and limited company ranges.
Examples include a two-year fixed rate (purchase and remortgage) buy-to-let mortgage at 3.32% (reduced by 0.12%) with a 3% fee, available up to 65% LTV.
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The Mortgage Works, which is owned by Nationwide, which has Birmingham branches, will also be introducing new mortgage products to its new customer buy-to-let range.
It includes a new one-year fixed rate buy-to-let product (house purchase and remortgage) up to 75% LTV with a 1% fee with a rate of 4.34%.
It also includes a new one-year fixed rate buy-to-let product (remortgage only) up to 75% LTV with a 1% fee with a rate of 4.84% and which comes with free valuation and free legal.
The Mortgage Works will be cutting rates for existing customers on selected two and five-year fixed rate HMO and limited company HMO products by up to 0.20 percentage points. At the same time, rates on selected two and five-year buy-to-let and limited company buy-to-let products will be reduced by up to 0.10 percentage points.
Keir Fraser, Lead Manager at The Mortgage Works, said: “These latest rate reductions and new products, including one‑year fixed and two‑year tracker options with a one per cent fee, are designed to give landlords greater flexibility and choice in a changing market.
“All of our tracker products also include a switch‑to‑fix facility, allowing customers to move on to one of our existing customer fixed rates at any time without incurring early repayment charges.”