The Mortgage Works (TMW) has announced it will reduce selected buy-to-let (BTL) rates for new and existing customers by up to 0.30%, with rates starting from 2.64%.
The new rates, effective tomorrow, include the BTL two-year fixed rate (purchase and remortgage) with a 3% fee, available up to 65% loan-to-value (LTV), which has been reduced by 0.10% to 2.64%.
The BTL five-year fixed rate (remortgage only) with a fee of £1,495, available up to 75% LTV which has been lowered by 0.15% to 4.27%. This comes with free valuation and free legals.
TMW has also trimmed the price of the HMO two-year fixed rate (purchase, remortgage and further advance) with a 3% fee, available up to 75% LTV which has gone down by 0.30% to 4.09%.
In addition, the HMO two-year fixed rate with a fee of £1,495 available up to 75% LTV has been reduced by 0.25% to 5.09%.
Other cuts include:
• BTL two-year fixed rate at 3.89% with a £1,495 fee, available up to 65% LTV, which as been cut by 0.10%.
• BTL two-year fixed rate at 4.09% with £1,495 fee, available up to 75% LTV, which has also been lowered by 0.10%.
The Mortgage Works senior manager Joe Avarne says: “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.”
Elsewhere, Virgin Money has announced rate cuts.
The lender’s exclusive purchase two-year fixed rates at 75% LTV will be cut by up to 0.21% to start from 3.83% while five-year fixed rates at 75% LTV have been lowered by 0.07% to 3.99%.
Purchase product rates have also been trimmed. These include two-year fixed rates with a fee of £999 will be trimmed by up to 0.26%, starting from 3.96% and the two-year fixed rate fee-savers will be reduced by up to 0.29%, starting from 4.21%.
Virgin has also decreased the rates on its remortgage two-year fixed rates with a fee of £999, which have gone down by as much as 0.25% to start from 3.84% and the five-year equivalent will be cut by up to 0.15% to start from 3.92%.
Meanwhile, BTL two- and five-year fixed rates with £2,195 fee will be reduced by 0.10%, to start from 3.97% and selected two- and five-year fixed rates with 1% fee will be reduced by up to 0.10%, to start from 3.97%.
Finally, the lender’s product transfer selected two-year fixed rates will be lowered by up to 0.25% and start from 3.69% and selected five-year fixed rates will be decreased by up to 0.16% to start from 3.76%.
