The Mortgage Works is introducing a one-year buy-to-let fixed rate product tomorrow, at 1 per cent interest rate.

The rate is the lowest-ever fix offered by the lender, which is the BTL arm of Nationwide Building Society.

The deal is available to existing borrowers who are looking to switch to a new product at the end of their current TMW deal. It is available at 65 per cent LTV for existing landlords and comes with a 2 per cent product fee.

Nationwide director of mortgages Henry Jordan (pictured) says: “The impact of Covid-19 has led to uncertainty in the property market and some landlords are looking to manage their cashflow as they navigate the coming months.

“Some may be reluctant to lock into a long term mortgage deal, so the Society has introduced a new one-year fixed mortgage with its lowest ever rate, to support these landlords.”