The Mortgage Works Announces Rate Cuts for New Business Products

The Mortgage Works (TMW) has announced a reduction in rates across its Limited Company and HMO range for new business offerings. This adjustment, taking effect from Thursday 28 September 2023, will see rates drop by as much as 0.40 percentage points.

Some of the notable reductions for Limited Company applications include:

• A five-year fixed rate now standing at 5.44% with a 5% fee, catering to up to 70% LTV, showcasing a 0.05% drop.

• Another five-year fixed rate, reduced by 0.30%, is available at 5.69% accompanied by a 3% fee, and is viable up to 75% LTV.

• A five-year fixed rate at 6.24%, coupled with a £1,495 fee and accessible up to 75% LTV, witnessing a reduction of 0.25%.

For a comprehensive understanding of all the rate reductions, individuals can refer to the detailed information provided on TMW’s platform.

Dan Clinton, who heads Specialist Lending at The Mortgage Works, remarked on the change, stating, “We continually look to support landlords with competitive products. The swap rate environment has been gradually improving enabling us to reduce rates further. These reductions will be welcomed by buy-to-let investors as we work to support them with their cashflow and help unlock affordability constraints.”