The Mortgage Works cuts buy-to-let rates by up to 0.95%

The Mortgage Works (TMW), the buy-to-let lending division of Nationwide, is reducing selected rates across its buy-to-let mortgage range by up to 0.95%.

From tomorrow, TMW is reducing rates across selected one, two, five and ten-year fixed rate products.

The largest reduction is to a two-year fixed rate at 75% LTV, now available at 6.59%.

A two-year fixed rate at 65% LTV with a 3% fee has reduced by 80bps to 4.99%. A one-year fix at 75% LTV has also reduced to 4.99% and comes with a 2% fee.

A five-year fix at 55% LTV has been lowered to 5.14% with a 3% fee and a ten-year fix now starts at 5.39% up to 65% LTV.

TMW says the reductions could mean landlords could borrow up to 10% more due to stress rates being tied to the buy-to-let rates.

Daniel Clinton, head of specialist lending at The Mortgage Works, said: “Following the rate reductions for our existing customers last week, we're continuing to demonstrate our commitment to landlords with significant rate reductions for new lending. As well as offering competitive rates that help landlords manage their cashflow, these reductions will help ease affordability pressures with some landlords being able to increase borrowing by 10 per cent.”