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The Mortgage Works slashes BTL rates by 0.5 per cent

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  • 13/10/2021
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The Mortgage Works slashes BTL rates by 0.5 per cent
The Mortgage Works (TMW) has cut certain buy-to-let (BTL) rates by up to 0.5 per cent, including select limited company and 80 per cent loan to value (LTV) products.

 

In its limited company range, it has cut its two-year fixed rate at 75 per cent LTV by 0.5 per cent to 2.59 per cent. It is available for purchase and remortgage and comes with a £1,995 product fee.

The lender has also reduced rates at 80 per cent LTV, with its two-year fixed rate at this tier starting from 2.24 per cent with a two per cent fee. This is down 0.25 per cent.

It is available for purchase and remortgage and fee-free options are available.

There are currently 24 products at this tier according to TMW’s product guide.

TMW said that its range of 80 per cent LTV products is only available on properties with an EPC rating of C or above.

This is partially due to proposal from Department of Business, Energy and Industrial Strategy’s proposal to increase the EPC requirement for all tenancies to C by 2028.

Daniel Clinton, head of The Mortgage Works, said: “This latest change sees the largest reductions on limited company mortgages, which is an important and growing segment of the market.

“Many landlords are increasingly choosing to expand their portfolio in this way following the changes to tax relief on individual ownership. At the same time, we are also reducing rates on our range of 80 per cent LTV mortgages, helping those with smaller deposits.”

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