The Mortgage Works has cut rates for two-year tracker mortgages by up to 0.45 percentage points and has also introducing a new 10-year fixed rate product.
Tracker rates now start at 1.49% for the up to 65% loan to value (LTV) buy-to-let mortgage with a £1995 fee.
In addition, all tracker products have the switch to fix facility, enabling customers to switch to an existing customer fixed rate deal without incurring Early Repayment Charges (ERCs).
The new 10-year fixed rate buy-to-let mortgage product at up to 75% LTV has a rate of 3.49%, a rate reduction of 1.50% on the previous product. It includes free standard valuation, £250 cashback, and no arrangement fee.
Paul Wootton, managing director of TMW, said: “The reductions to tracker rates and the new 10 year fixed rate product, which offers a significantly lower rate than previously, are aimed at widening choice for landlords who are looking to manage their cashflow and access competitive buy-to-let mortgage rates.
“Along with recent improvements to our product proposition, this further illustrates TMW’s continued commitment to supporting brokers and landlords.”
TMW recently removed its age limit at application for experienced landlords looking to borrow up to 65% LTV and also increased the maximum LTV for buy-to-let mortgages from 75% to 80% for first time and experienced landlords.
