The Mortgage Works has announced it has sliced rates on its two-year tracker and five-year fixed-rate mortgages.
The buy-to-let specialist division of Nationwide has cut rates on selected two-year trackers by up to 30 per cent and by 0.15 per cent on five-year fixed deals.
Rates for the two-year BTL tracker range, up to 65 per cent LTV, will be reduced by 0.30 per cent, meaning products will start at 1.39 per cent. The £1,995 fee will remain unchanged.
The rate on a two-year tracker, with a 2 per cent fee, will be slimmed down by 0.20 per cent to 1.39 per cent.
Five-year-fixed mortgages up to 65 per cent LTV, with no fee, will come with rates of 2.89 per cent, a 0.10 per cent reduction. The rate on the 75 per cent offering, with a £1,995 fee, will be reduced by 15 per cent to 2.89 per cent.
Additionally, the lender is introducing a new range of five-year fixed-rate mortgages for HMOs. These will start at 3.69 per cent, while the existing two-year fixed rate option will see its rate reduced by 0.15 per cent to 2.99 per cent.
Paul Wootton, managing director of TMW, said: “TMW is looking to increase the competitiveness of its tracker mortgage rates as well as selected fixed rates, and will now be offering some of the lowest rates in the buy to let market.
“Our tracker products will continue to offer a switch to fix feature, meaning that landlords can switch to a fixed rate product at any time during the initial two year deal period. Extending the range for HMO landlords by introducing a five year fixed option will also allow us to offer a wider choice of products and continue to support landlords in their choices.”
Bob Riach, partner of Riach Financial Advisers, said: “In my opinion, The Mortgage Works hasn’t been all that competitive recently. I’ve found that where there is a lender getting a massive amount of leads they up rates to slow down demand, and I think this is what’s happened here.
"It’s interesting that they have reduced their rates. I presume this means they have sorted out their admin problems.”
