The Mortgage Works will cut rates on selected buy-to-let switcher loans by up to 20 basis points, with rates starting from 3.84% from tomorrow (30 January).

This comes as Newcastle Intermediaries has cut fixed rates across its property investor deals by up to 30bps and eased stress rates today (29 January).

Nationwide’s landlord arm says its new switcher rates include: 

• Two-year fixes at 3.99%, with a £3995 fee, available up to 65% LTV, down by 5bps 
• Three-year fixes at 4.39%, with a £1,495 fee, available up to 65% LTV, down by 10bps 
• Five-year fixes at 4.49%, available up to 65% LTV, down by 15bps 

The firm adds that other rate/fee combinations are available with its switcher products. 

The Mortgage Works senior manager, BTL mortgages, Joe Avarne says: “We are continually looking to support our existing landlords and these latest reductions will be some of the most competitive and cost-effective options in the market.” 

Meanwhile, Newcastle Building Society’s broker-only unit has reduced selected BTL rates and eased landlord lending stress rates. 

Its changes include two-year fixes at 5.10% (6.9% annual percentage rate of charge) up to 80% loan to value, that come with a £999 product fee and early repayment charges of 2% until 31 July 2025 and 1% until 31 July 2026. 

And five-year fixes at 4.75% (6.2% annual percentage rate of charge) up to 80% LTV, that come with a £999 product fee and early repayment charges of 5% until 31 July 2025, 4% until 31 July 2026, 3% until 31 July 2027, 2% until 31 July 2028 and 1% until 31 July 2029. 

Both products are available for house purchase and re-mortgage, have no minimum income or maximum age criteria and offer up to 10% overpayments per annum. 

The division has also reduced its stress rate for BTL lending across fixes under five years to 7.75% from 8.25% — and across longer term fixes to 5.25% from 5.70%. 

Newcastle Building Society head of intermediary mortgages Franco Di Pietro adds: “These reduced rates are complemented by the enhancements offered by our flexible lending criteria, direct access to our team of underwriters and support for each broker via their dedicated regional business development manager.”