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TMW reduces buy-to-let rates by up to 0.5%

by: Mortgage Solutions
  • 20/08/2015
  • 0
TMW reduces buy-to-let rates by up to 0.5%
Nationwide's buy-to-let arm The Mortgage Works (TMW) is reducing rates by up to 0.50% on its buy to let products from tomorrow, 21 August 2015.

The buy-to-let provider has also added two and five-year fixed rate products to the 65 and 75% LTV tiers.

It has reduced its existing two-year fixed and tracker rates up to 65% LTV by up to 0.45%, with rates starting at 2.19% and 1.94% respectively.

The lender has also introduced a £0 fee at 65% LTV, with a headline rate of 2.99%.

The three and five year fixed rate products at 65% and 75% LTV have been reduced by up to 0.50% with a £1,995 fee option introduced. Rates start for the 65 per cent LTV products at 2.69% for the three-year fixed and 3.29% for the five-year fixed, which Nationwide said are among the most competitive in the market.

Let to Buy rates have also been reduced by up to 0.40%, with the 65% loan-to-value two-year fixed rate deals starting at 2.39% with a £1,995 fee.

Paul Wootton, TMW’s head of specialist mortgages, said: “This new range of competitive buy to let fixed rate and tracker mortgages provide landlords with TMW’s best ever rates and continue to demonstrate our commitment to our customers and intermediaries. With a likely Bank Base Rate rise on the horizon, TMW’s competitive range of fixed rate products offer longer term payment security for landlords, particularly for those with larger deposits looking to maximise their cash flow.”

The lender has also introduced a range of ‘switcher rates’ in line with new business equivalents to reward customer loyalty.

The buy-to-let rates are available to both first time and experienced landlords through intermediaries.

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