The society has also reintroduced five-year fixed rate house in multiple occupation (HMO) products for UK and expat landlords, following their withdrawal in March. It has reduced its two-year fixed rate by 30 basis points (bps) and its five-year UK landlord rates by 10bps.
Darren Deacon, head of intermediary sales, commented: “The UK housing market is facing a period of uncertainty, with confidence among homebuyers and those looking to remortgage affected by events at home and overseas. Brokers have told us that enquiries for tracker products are on the increase. Our new BoE tracker rates give borrowers seeking an interest-only option greater flexibility while they wait for more stable economic and political conditions before committing to a longer-term fixed rate.”
TMW cuts BTL rates for third time in June
The Mortgage Works (TMW) is cutting rates by up to 0.25% on selected one-, two- and five-year fixed rate products.
The newest cuts are on its two-year fixed rate – on purchase, remortgage and further advance with free valuation – limited company BTL mortgage at 4.09% with a 3% fee, available up to 75% loan to value (LTV).
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Its two-year fixed BTL rate for purchase and remortgage stands at 3.19% with a 3% fee, available up to 65% LTV.
Furthermore, the five-year fixed BTL rate for purchase and remortgage comes to 3.99% with a 3% fee, available up to 65% LTV.
Dan Clinton, head of BTL at TMW, said: “We’re making further rate cuts across our mortgage range – our third set of rate cuts in June – as part of our ongoing commitment to supporting individual and limited company landlords. Cost pressures remain a concern and these latest changes will help manage those challenges while reinforcing The Mortgage Works as a leading choice for landlords.”
Nationwide cuts mortgage rates by up to 0.25%
The reductions are for new and existing customers across first-time buyer, homemover, remortgage and switcher ranges. This is the third rate cut in June.
Nationwide’s lowest fixed rate is now 4.19% for new and existing customers looking to move home.
For first-time buyers, there are reductions of up to 0.18% across two-, three-, five- and 10-year fixed rate products up to 95% LTV.
Remortgages have seen reductions of up to 0.25% across two-, three- and five-year fixed rate products up to 95% LTV.
The switcher products have seen reductions of up to 0.14% across two-, three- and five-year fixed rate products up to 90% LTV.
For existing and new customers moving home, there have been reductions of up to 0.15% across two-, three-, five- and 10-year fixed rate products up to 95% LTV.
Henry Jordan, Nationwide’s group director of mortgages, said: “We’re delighted to be making another set of rate cuts this month. As an all-round lender, we’re committed to supporting all borrower types, and these latest reductions will help ensure Nationwide remains a strong choice for new and existing customers – whether they’re buying their first home, moving to their next, or looking for a new deal.”
