Mortgage Works launches buy-to-let fixed-rate range

Permalink: Mortgage Works launches buy-to-let fixed-rate range
by Gill Montia

Nationwide subsidiary, The Mortgage Works (TMW), has launched a new range of fixed-rate buy-to-let loans that are less costly than some of its existing deals.

The range includes a three-year fix at 4.79%, available at up to 70% loan-to-value (LTV) and with a 3.5% fee, subject to a minimum of £595.

Landlords with a 40% deposit can avail themselves of a five-year fix at up to 60% LTV with an initial rate of 5.24% and a 2.5% fee, again subject to a minimum of £595.

For customers who are remortgaging TMW has introduced a five-year fixed-rate buy-to-let loan at 5.34% with a maximum LTV of 60% and a fee of 2.5% or £595, whichever is the greater.

The mortgage includes a free standard valuation plus energy performance certificate and standard legal fees, or £500 cashback.

The lender has also reduced rates on some of its two, three and five-year fixed-rate buy-to-let products.

TMW managing director, Andy McQueen, comments that while interest rates are low at the moment there is no certainty that will remain the case, and many investors will be looking for the security that fixed-rate products can offer.

It should be noted that none of the new products listed above are available to limited companies.