At the same time, the specialist buy-to-let arm of the Nationwide Building Society, introducing a new 10-year fixed rate product range.
The stress rate for five-year fixed rate products up to 75% loan to value (LTV) is to be reduced from 4.99% to 4.50% on Thursday December 6.
Like-for-like remortgages over 65% LTV and up to 75% LTV will see their stress rate reduced from 5.50% to 4.99%.
And the 10-year fixed rate mortgage at up to 65% LTV will fall from 4.99% to 4.00%, or pay rate plus 0.75%, whichever is higher.
For borrowers looking for longer term security, the 10-year fixed rate range starts at 2.74% at up to 65% LTV, with a £1,995 fee, free standard valuation and £250 cashback.
Early Redemption Charges (ERCs) are applicable for the full 10 years.
However, the lender will also offer a 10-year fixed rate product that is ERC-free after five years, with a rate of 3.24% at up to 65% LTV.
The deal comes with a £1,995 fee, free standard valuation and £250 cashback.
Paul Wootton, managing director of TMW (pictured), said: “The new 10-year fixed rate products offer competitive rates and a choice of ERCs to widen choice and increase flexibility for landlords, who are looking to manage their cashflow while maintaining long term payment security.
“Along with recent improvements to our product proposition, this further illustrates TMW’s continued commitment to supporting brokers and landlords.”
