TMW reduces buy-to-let rates by up to 0.95%

The Mortgage Works (TMW) has reduced selected fixed buy-to-let and limited company rates by up to 0.95% and has introduced new two-year tracker products.

The new buy-to-let rates include a one-year fix at 3.99% with a 2% fee, available up to 75% LTV; a two-year fix at 4.39% with a 3% fee, available up to 65% LTV; and a five-year fix at 4.89% with a 3% fee, available up to 65% LTV.

In addition, a two-year tracker is available at 3.24% (Bank Base Rate plus 0.24%) with a 3% fee up to 65% LTV.

New limited company buy-to-let rates include a one-year fix at 4.74% with a 2% fee, a two-year fix at 4.99% with a 3% fee, and a five-year fix at 5.49% with a 3% fee, all available up to 75% LTV.

A two-year limited company tracker has launched at 3.49% (Bank Base Rate plus 0.49%) with a 3% fee, available up to 75% LTV.

The above products are available for purchase and remortgage with other rate/fee and benefit combinations also available.

All TMW tracker products come with the 'Switch to Fix' facility which allows customers to switch to an existing customer fixed rate at any time without incurring early repayment charges.

As a result of these changes, buy-to-let stress rates will now be between 5.99% and 8.79% depending on the product selected.

Daniel Clinton, head of The Mortgage Works, said: “As one of the largest buy-to-let lenders in the UK, we are continually looking at ways we can support landlords by offering them a wide range of options. These latest reductions to our fixed rates will help those who want to maximise cashflow while maintaining certainty over their repayments.”