The Mortgage Works launches sub-3% buy-to-let rates

The Mortgage Works is lowering rates on selected two and five-year fixed rate products across its buy-to-let, limited company buy-to-let and let-to-buy mortgage ranges – with rates starting from 2.99%.

The new rates, available for purchase and remortgage, are effective from tomorrow, Thursday 1st May.

Highlights include a two-year fixed rate at 2.99% with a 3% fee, available up to 65% LTV. The five-year equivalent has reduced to 3.74%, a 10bps reduction.

In TMW's limited company range at 75% LTV, a five-year fix with a 3% LTV is down to 4.84% while a two-year fix with a £3,995 fee has reduced t0 4.99%, both with a free valuation.

The latest rate reductions follow enhancements to TMW's limited company buy-to-let criteria, announced last week.

The lender has removed the need for all mortgage applicants to be directors. This means that The Mortgage Works now accepts applications where one applicant is only a shareholder, who owns at least 20% of the shares in the company.

Joe Avarne, senior manager at The Mortgage Works, said: “We are pleased to announce these latest changes and the introduction of our lowest headline rate for nearly three years will be welcome news for brokers and landlords alike.”