The Mortgage Works reduces 2-,5-year rates for landlords by up to 30bps – Mortgage Finance Gazette
The BTL unit of the Nationwide Building Society says limited company reductions across these terms of up to 30bps include:
- A five-year fixed-rate purchase-only offer at 4.99%, with a 3% fee, available up to 75% loan to value, down by 30bps
- And a two-year fixed-rate purchase-only loan at 4.79%, with a 3% fee, available up to 75% LTV, reduced by 10bps
Houses in multiple occupation reductions across these terms of up to 25bps include:
- A two-year fixed-rate deal at 4.59%, with a 3% fee, available up to 75% LTV, cut by 15bps
- And a five-year fixed-rate loan at 4.94%, with a 3% fee, available up to 75% LTV, down by 25bps
Large portfolio houses in multiple occupation five-year fixed-rate deals will be reduced by 20bps to 4.99%, with a 3% fee, available up to 75% LTV.
The lender says its BTL products come with free valuations as well as free legal options for remortgages.
The Mortgage Works head of specialist lending Daniel Clinton says: “These latest changes ensure that the Mortgage Works remains a competitive option for landlords, particularly in the house in multiple occupation and limited company market.
“Our biggest rate cuts this time will be across our limited company mortgages, as we look to support an important and growing part of the BTL sector with very competitive rates.”