TMW cuts rates on fixed mortgages

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  • 30/10/2019
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TMW cuts rates on fixed mortgages
The Mortgage Works (TMW), the specialist buy to let (BTL) arm of Nationwide, is reducing selected five-year fixed rate mortgages by up to 0.15 per cent and selected two-year fixed rates by 0.35 per cent.

 

The five-year fixed rate product up to 50 per cent loan to value (LTV) is now 1.79 per cent, down from 1.94 per cent.  

The equivalent product up to 65 per cent LTV is reduced to 1.99 per cent, from 2.04 per cent, while the five-year fixed rate up to 75 per cent LTV is down to 2.09 per cent, from 2.14 per cent. All these products come with a £1,995 fee. 

The two-year fixed rate up to 75 per cent LTV with a £1,995 fee is reduced to 2.04 per cent, from 2.09 per cent.  

At 80 per cent LTV, the two-year fixed rates are down to 2.99 per cent, from 3.24 per cent, with a two per cent fee, while the version with a £995 fee has seen its rate drop to 3.49 per cent, from 3.84 per cent

The fee free deal has been reduced to 3.99 per cent, from 4.19 per cent.

The  rate reductions apply to both purchase and remortgage BTL mortgage products, which also come with free valuation, free legal fees and £250 cashback. 

For limited company mortgages, rates for two-year fixed rate products at up to 80 per cent LTV start at 4.09 per cent, reduced from 4.19 per cent, and with a £0 fee and free valuation.  

Meanwhile, two-year fixed rates up to 80 per cent LTV have been reduced by 0.20 per cent to 3.49 per cent with a one per cent fee and to 3.99 per cent with a £0 fee. 

Rates increase

TMW is also increasing the rates on its two-year tracker range by up to 0.25 per cent. 

Henry Jordan, director of mortgages at TMW, said: “We aim to offer a wide range of options for landlords and by making these changes, making it more attractive for landlords to obtain their mortgage with TMW.  

“By offering our lowest ever five-year fixed rate mortgage, we are further supporting landlords who want to manage their cashflow over the long term.” 

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