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TMW reduces BTL rates

  • 25/01/2023
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TMW reduces BTL rates
The Mortgage Works will lower rates on selected products by up to 0.5 per cent, including large portfolio buy-to-let, limited company and houses in multiple occupation (HMO) deals.

The changes come into force from tomorrow, and will see its headline two-year fixed rate priced at below four per cent.

Its two-year fixed rate at 65 per cent loan to value (LTV) is priced at 3.99 per cent, down 0.3 per cent.

The lender’s five-year fixed rate up to 65 per cent LTV has fallen by 0.3 per cent as well to 4.39 per cent.

On the large portfolio buy-to-let side, select two and five-year fixed rates have decreased by around 0.5 per cent.

Its two-year fixed remortgage rate up to 75 per cent LTV has gone down by 0.2 per cent to 4.29 per cent.

Its five-year fixed rate up to 75 per cent LTV has decreased by 0.1 per cent to 4.79 per cent.

Limited company and HMO two and five-year fixed rate deals have seen reductions of up to 0.2 per cent.

This includes a five-year fixed remortgage limited company product up to 75 per cent LTV that is now priced at 5.39 per cent, down from 5.59 per cent previously.

All the above products come with a three per cent fee and buy-to-let and limited company remortgage products come with free valuation and free legals.

Select tracker mortgage rates will also be lowered by around 0.2 per cent.

Daniel Clinton, director of landlord at The Mortgage Works, said: “As one of the UK’s leading buy-to-let lenders, TMW offers landlords a broad range of options to meet their varying needs.

“These latest rate reductions, which are being rolled out across a significant number of products from tomorrow, will see our headline two-year fixed product fall below four per cent and shows that we are doing what we can to support landlords to manage their finances through fixed rates.”

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