The headline rate applies to the lender’s five-year fixed product at 55 per cent loan to value (LTV) for purchase and remortgage with a three per cent fee. This was lowered from a rate of 5.14 per cent.
Other deals which now have rates below five per cent include a one-year fix at 75 per cent LTV with a two per cent fee which has been cut from 4.99 per cent to 4.89 per cent, and a two-year fix at 65 per cent LTV which has received the same reduction and is also 4.89 per cent.
There is also a two-year fix at 75 per cent LTV with a three per cent fee, which was reduced from 5.09 per cent to 4.94 per cent.
At 65 per cent LTV, the corresponding product has also been cut by 0.15 per cent to 5.04 per cent, as has the option at 75 per cent LTV which is now priced at 5.04 per cent. The latter has a £1,495 fee.
TMW is also reducing rates across its let to buy and large portfolio range by up to 0.4 per cent, and its houses in multiple occupation (HMO) rates by up to 0.5 per cent for new borrowers.
Daniel Clinton, head of specialist lending at The Mortgage Works, said: “We are pleased to announce further rate reductions following a sustained period of stability in the swap rate environment. These reductions will be well received by buy to let investors and provide welcome relief over their repayments.”
