The Mortgage Works (TMW) is set to implement rate reductions across its buy-to-let product range, effective from Monday 22nd July.
The cuts will impact both new business and switcher rates, with reductions of up to 0.25%, bringing starting rates down to 3.54%.
For new business buy-to-let mortgages, a 2-year fixed rate for purchase and remortgage will be available at 3.54% with a 3% fee, applicable up to 65% loan-to-value (LTV).
Additionally, a 5-year fixed rate for purchase and remortgage will be offered at 3.94% with a 3% fee, available up to 65% LTV, reduced by 0.10%.
Another 5-year fixed rate for purchase and remortgage will be available at 3.99% with a 3% fee, applicable up to 75% LTV, reduced by 0.15%, while a 5-year fixed rate for purchase and remortgage at 4.44% with a £1,495 fee, available up to 65% LTV, will be reduced by 0.25%.
For existing customers switching their buy-to-let rates, a 2-year fixed rate at 3.84% with a 3% fee, available up to 55% LTV, will be reduced by 0.05%.
Another 2-year fixed rate at 3.84% with a 3% fee, available up to 65% LTV, will also be reduced by 0.05%, with a 5-year fixed rate at 4.74% with no fee, available up to 55% LTV, being reduced by 0.05%.
Joe Avarne, senior manager for buy-to-let mortgages at The Mortgage Works, said: “We are pleased to announce further rate cuts to demonstrate our ongoing commitment to brokers and landlords.
“These latest reductions make us one of the most competitive providers of buy-to-let mortgages in the sector with rates now starting from 3.54%.”
