The Mortgage Works adds tracker deals and trims fixed rates

The Mortgage Works is adding new two-year tracker products to its buy-to-let range and cutting selected fixed rates for landlords.

The lender will introduce the tracker products from Thursday 28 May, alongside reductions of up to 0.15 percentage points on selected two-year, three-year and five-year fixed rates for new and existing customers across its buy-to-let and let-to-buy ranges.

The new tracker range includes a two-year buy-to-let product for purchase and remortgage borrowers at 4.19%, available up to 65% loan-to-value with a 1% fee and free valuation.

A remortgage-only version, available with free valuation and free legals, is priced at 4.29% up to 65% LTV with a 1% fee.

Existing customer switchers will also be able to access a new two-year tracker buy-to-let product at 4.19%, available up to 65% LTV with a 1% fee.

FIXED RATES CUT

The Mortgage Works is also reducing selected fixed rates across its buy-to-let and let-to-buy ranges.

Among the changes, a five-year fixed rate for purchase and remortgage buy-to-let borrowers has been reduced by 0.15 percentage points to 4.39%. The product carries a 3% fee and is available up to 75% LTV.

A five-year fixed rate with no fee has been reduced by 0.10 percentage points to 4.97%, available up to 65% LTV.

For existing customer switchers, a five-year fixed rate has been cut by 0.05 percentage points to 4.29%, with a 3% fee and availability up to 65% LTV.

A two-year fixed rate for existing customer switchers has also been reduced by 0.13 percentage points to 5.27%, with no fee and availability up to 75% LTV.

Keir Fraser, lead manager at The Mortgage Works, said: “These latest cuts across our buy-to-let range are a welcome boost for landlords, especially at a time when cost pressures continue to remain front of mind.

“We also want to ensure landlords have choice and flexibility when they are financing their properties, which is why we’ve introduced a variety of new tracker product options.

“All our tracker products come with a ‘switch to fixed’ option, which allows for customers to change to a fixed deal at any time, with no early repayment charge, offering security and flexibility.”