The Mortgage Works will cut rates on selected switcher home loans for landlords by up to 20 basis points from tomorrow (19 September).
Highlights among the changes at Nationwide’s buy-to-let arm include:
- Two-year fixed-rate deals at 6.09%, with a £1,495 fee, available up to 65% loan to value, down by 10bps
- Three-year fixed-rate deals at 5.89%, with a £1,495 fee, available up to 65% LTV down by 10bps
- Five-year fixed-rate deals at 5.49%, with a £1,495 fee, available up to 65% LTV down by 15bps.
The firm adds that other rate and fee combinations are also available across its switcher range.
The Mortgage Works head of specialist lending Daniel Clinton says: “We are continually looking to support our existing landlords with competitive rates.
“These reductions will be well received by our existing landlords and provide welcome relief over their repayments as they look to manage their cashflow.”
Last week, the business was among the first major lenders to introduce sub-5% home loans, which also saw it cut rates by up to 50bps across selected new business products.
