Pricing now starts at 3.84 per cent, which applies to its two-year fix at 55 per cent loan to value (LTV) with a three per cent fee.
At 65 per cent LTV, the two-year fix with a £3,995 fee has been reduced by 0.05 per cent to 3.99 per cent.
TMW’s three-year fix with a £1,495 fee has been cut by 0.1 per cent to 4.39 per cent, while the five-year fix has been lowered by 0.15 per cent to 4.49 per cent. All are available at 65 per cent LTV.
Joe Avarne, senior manager, buy-to-let mortgages at The Mortgage Works, said: “We are continually looking to support our existing landlords and these latest reductions will be some of the most competitive and cost-effective options in the market.”
Newcastle BS reduces BTL rates
Newcastle Building Society has cut its buy-to-let rates by up to 0.3 per cent and lowered the stress rates.
There is a two-year fix at 80 per cent LTV with a rate of 5.1 per cent with a £999 fee and a five-year fix at the same tier with a rate of 4.75 per cent. This also has a £999 fee.
Both products are available for purchase and remortgage, have no minimum income or maximum age criteria, and allow overpayments of up to 10 per cent per year.
The stress rate for its buy-to-let lending for fixed rate products under five years from 8.25 per cent to 7.75 per cent, and longer term products from 5.7 per cent to 5.25 per cent.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society said: “In support of brokers and their landlord clients we’re delighted to announce a comprehensive reduction to our buy-to-let range.
“These reduced rates are complemented by the enhancements offered by our flexible lending criteria, direct access to our team of underwriters and support for each broker via their dedicated regional business development manager.”
Quantum Mortgages trims BTL pricing
Quantum Mortgages has reduced rates across fixed term standard and buy-to-let deals by up to 0.8 per cent.
This applies to two, five and seven-year fixes.
Across its green mortgages, rates have been lowered by up to 0.95 per cent.
Harsha Dahyea, head of sales at Quantum Mortgages, said: “We are thrilled to introduce these rate reductions, providing our landlord clients with a competitive edge in the property investment market.
“Our commitment to sustainability is further emphasised with the substantial rate cuts on our green range for landlords dedicated to eco-friendly property investments.”
