Buy to let rates reduced for borrowers

The Mortgage Works, (the mortgage arm of the Nationwide group) has now reduced its buy to let rates by up to 0.95%.

The lender will now be offering reduced rates of up to 0.85% on its 2 year buy to let products at up to 75% loan to value (LTV). Fixed and tracker 2 year products with a 2.5% fee have also been reduced to 2.49% and 2.24% respectively, while flat free products have also been cut by up to 0.85% with rates now starting from just 2.79%. This follows the introduction of a zero fee product with a 3.69% rate.

The Mortgage Works remortgage and let to buy 2 year products at up to 75% LTV will see reductions of 0.95%, with headline rates now starting at 2.89%. Switcher rates for existing customers will also be cut by up to 0.2%, along with the introduction of a £995 fee 2 year tracker product and a £1,995 fee fixed rate deal.

With a history of competitive buy to let rates, these come as no exception for the lender, as the new products available now offer a wider choice of products and competitive rates for landlords, especially for those looking to optimise their cashflow and minimise upfront costs.

Customers looking to coordinate a Nationwide residential mortgage with one of the latest buy to let deals, can also benefit when looking to rent out an existing residential property using a TMW buy to let mortgage.

Following this, Precise Mortgages have also released limited edition fixed fee buy to let products ready for the festive season.

The latest Christmas crackers come in the form of both fixed rate and tracker mortgages. These include a lifetime tracker at a rate of 3.89% with a £2,495 product fee as well as a 2 year tracker mortgage with a rate of 3.79% and a £1,995 product. Precise Mortgages is also now offering a 2 year fixed rate of 4.09% with a £1995 fee for buy to let borrowers.

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