The Mortgage Works (TMW) is introducing significant cuts, up to 0.50%, on selected rates of its new business offerings.
The adjusted rates encompass:
- For their Buy To Let range, selected one, two and five-year fixed rate products will see reductions by as much as 0.40%. Specifically, the Buy To Let five-year fixed rate (for both purchase and remortgage) now stands at 4.99% with a 3% fee, applicable for up to 55% LTV – a 0.15% decrease. There’s also a new rate of 5.04% with a 3% fee for up to 65% LTV, and another at 5.59% with a £1495 fee, available up to 75% LTV, both marking a 0.15% reduction.
- Additionally, TMW has trimmed down rates for its let to buy and extensive portfolio range by up to 0.40% and its HMO selection by a notable 0.50% for newcomers.
Daniel Clinton, who leads Specialist Lending at The Mortgage Works, remarked, “We are pleased to announce further rate reductions following a sustained period of stability in the swap rate environment. These reductions will be well received by buy to let investors and provide welcomed relief over their repayments.”
In a related update, The Mortgage Lender (TML) declared rate cuts on its 5-Year fixed buy-to-let (BTL) product suite, effective from 13 September. This modification will affect TML’s BTL core range and the HMO & Multi Unit collection, showcasing rate reductions up to 10bps. A standout change is TML’s 5-Year Fixed, 75% LTV offering with a 5% fee which will drop from 5.76% to 5.66%. Moreover, the rates for HMOs are set to decline from 5.96% to 5.86% for the identical 5 Year Fixed 75% LTV product with a 5% fee.
Steve Griffiths, The Mortgage Lender’s Chief Commercial Officer, provided insights, “With costs still high across the board, we understand that landlords and brokers are looking for the best options to suit their needs when purchasing a new BTL property or re-mortgaging their current portfolio. We’re pleased to announce rate reductions across some of our BTL product range to meet this demand.”
He added, “With many landlords preparing to re-mortgage in the next year, and others making the most of decreasing house price growth to expand their portfolios, we’re committed to offering competitive deals for landlords and our brokers partners, and ensuring they can fulfil their property ambitions.”