The Mortgage Works has cut rates by up to 0.15 percentage points on selected two-, three- and five-year fixed rate products across its mortgage range for new and existing customers.
New business limited company buy-to-let (BTL) reduced rates include the five-year fixed rate (purchase, remortgage and further advance) mortgage has been cut by 0.10% to 4.02%.
This comes with a 5% and is available up to 70% LTV with a free valuation.
In addition, the five-year fixed rate (purchase, remortgage and further advance) mortgage for new customers has been lowered to 4.44% from 0.08%. It has a fee of 3% and is available up to 75% LTV with a free valuation.
The five-year fixed rate (purchase, remortgage and further advance) mortgage for new customers has been trimmed by 0.05% to 4.89% with a £1,495 fee, available up to 75% LTV with a free valuation.
Meanwhile, existing customer switcher BTL reduced rates include the two-year fixed rate mortgage for existing customers, which has been cut by 0.12% to 2.72% with a 3% fee, available up to 65% LTV.
The two-year fixed rate mortgage for existing customers has also been lowered by 0.09% to 4.25% with no fee, available up to 65% LTV.
The five-year fixed rate mortgage for existing customers has been reduced by 0.05% to 3.54% with a 3% fee, available up to 65% LTV.
The Mortgages Works lead manager Keir Fraser says: “We are always looking for ways to offer landlords our best range of products, so we’re delighted to be able to start the year with rate cuts for new and existing customers across our mortgage range.”
Elsewhere, Newcastle Building Society has cut its mortgage standard variable rate (SVR) by 0.19% to 6.31%, with effect from 1 February.
The change affects residential, self-build and BTL customers with products linked to the lender’s SVR, on properties in England, Wales and Scotland resulting in lower mortgage repayments for SVR borrowers.
Customers in Gibraltar will also see a reduction by 0.19% to 6.75%.
The reduction reflects a change in market conditions and lending costs.
Newcastle Building Society head of commercial product development Ben Smith states: “As a mutual, we remain committed to balancing the needs of our saving and lending members. This reduction to our SVR to 6.31% is a reflection of this commitment.”
Foundation also announced that it has withdrawn all of its BTL special products.
