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The Mortgage Works cuts buy-to-let rates

  • 23/06/2016
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The Mortgage Works cuts buy-to-let rates
Buy-to-let specialist The Mortgage Works (TMW) is reducing rates on its two, three and five year products which it says will improve cashflow for landlords.

Selected two year fixed term buy-to-let products at 65% loan-to-value (LTV) will be reduced by up to 0.20%, and products at 75% LTV will be cut by up to 0.70%.

Other products with rate reductions at Nationwide’s buy to let arm include the two year fixed 75% LTV with a 2.50% fee, reduced by 0.40% from 2.49% to 2.09%.

The five year fixed rate products at 65% and 75% LTV are being reduced by up to 0.65% and start at 2.84% and 3.24% respectively, while the three year fixed rate products at 65% LTV are being reduced by 0.30%, with rates starting at 2.39%. Let to buy rates are being reduced by up to 0.75%.

Paul Wootton, managing director of TMW, said the lender has made the changes with a view to “helping to support landlords maintain a positive cash flow and help to manage their costs as the tax relief changes are phased in.”

TMW recently became one of the first major Buy to Let lenders to increase the rental cover requirement rate from 125% to 145% for all buy-to-let mortgage applications.  Changes to landlord tax relief will be made from April 2017 and will be limited to 20% by 2020.

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