Specialist lender The Mortgage Works launches a new buy-to-let five-year fixed rate at 50 per cent loan to value tomorrow (Wednesday).

The BTL arm of the Nationwide Building Society says the product is offered at a five-year fixed rate at 1.69 per cent, with a £1,995 fee.

It is also offered as a five-year fixed rate at 1.74 per cent with a £1,995 fee, but includes a free valuation and a choice of cashback or free legal fees.

The Mortgage Works head Daniel Clinton says: “As a leading BTL mortgage provider, we look to offer a broad range of mortgages to support landlords. By reintroducing our 50 per cent LTV mortgage, we are able to offer our most competitive rates to those landlords, with larger deposits, looking for longer term rate security.”

A year in lockdown has not sapped interest in the BTL market.

The term ‘first-time landlords’ was the most looked for criteria in February, said Knowledge Bank.

This term has featured in the top five searches for the tenth month in a row. The technology firm believes that people who would normally deploy their money into stocks could now be paying attention to the buy-to-let market.