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The Mortgage Works to climb best buys with latest rate cuts

by: Marc Shoffman
  • 10/07/2019
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The Mortgage Works to climb best buys with latest rate cuts
The Mortgage Works (TMW) is set to climb the best buy tables tomorrow as it makes a range of cuts to its rates.

Nationwide’s buy-to-let arm is reducing selected two and five-year fixed rate mortgages by up to 0.30 per cent.

The rate reductions apply to both purchase and remortgage buy-to-let mortgage products and will make it a market leader for five-year fixes.

Brokers will be able to access a five-year fixed rate of 1.89 per cent for 50 per cent loan-to-value (LTV) and 1.99% for up to 65 per cent LTV, down from 1.94% and 2.09% respectively, and both with a £1,995 fee.

Both rates will become market leaders, with Moneyfacts data showing the lowest rates at 65 per cent LTV are currently at two per cent.

Its 75 per cent LTV five-year fix has also been cut from 2.34 per cent to 2.14 per cent.

This will also beat the current best buys of 2.24 per cent on offer from Barclays and Virgin Money.

Its two-year fixed rate at 65 per cent LTV has been cut from 1.64 per cent to 1.59 per cent. It features a £1,995 fee and £250 cashback.

TMW is also offering a 65 per cent LTV two-year fix at 1.69 per cent, down from 1.99 per cent, with a £995 fee, free valuation and £250 cashback.

It will still offer a rate of 1.49 per cent at 65 per cent LTV.

In comparison, Barclays offers a rate of 1.41 per cent with a £1,795 fee at this LTV, according to Moneyfacts.

TMW has also reduced its 75 per cent LTV two-year fixed rate from 2.09 per cent to 1.99 per cent, with a £1,995 fee.

In comparison, Sainsbury’s Bank offers a market-leading rate of 1.67 per cent with a £1,995 fee.

Paul Wootton, managing director of TMW, said: “These selected reductions across our fixed rate buy-to-let mortgage range enhances choices for landlords, particularly those landlords looking for payment security and looking to manage their cashflow.

“This helps to demonstrate TMW’s continued commitment to supporting intermediaries and landlords.”

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