The Mortgage Works will cut rates by up to 75 basis points across its new business buy-to-let, let-to-buy and large portfolio ranges from tomorrow (10 October). 

The Nationwide Building Society’s landlord unit says reductions to its BTL new business products include: 

• Five-year fixes at 4.84% with a 3% fee, available up to 55% loan to value, reduced by 15bps 
• Five-year fixes at 4.89% with a 3% fee, available up to 65% LTV, reduced by 15bps 
• Five-year fixed at 5.14% with a 3% fee, available up to 75% LTV, reduced by 15bps 

John Charcol mortgage technical manager Nicholas Mendes says the cuts from the unit, “have an attractive 3% arrangement fee compared to some of the higher sourcing products that carry a 5% arrangement fee”. 

The Mortgage Works head of specialist lending Dan Clinton adds: “These rate reductions will improve our competitive position and showcase our continued commitment and support for landlords.  

“We know these reductions will be welcomed by BTL investors as we work to support them with their cashflow and affordability.”