The Mortgage Works (TMW) has announced it will reduce selected buy-to-let (BTL) rates for new and existing customers by up to 0.30%, with rates starting at 2.64%.
New rates that come into effect tomorrow include the BTL two-year fixed rate (buy and remortgage) with a 3% fee and loan-to-value (LTV) of up to 65%, which has been reduced by 0.10% to 2.64%.
BTL five-year fixed rate (remortgage only), costing £1,495 up to 75% LTV, has been reduced by 0.15% to 4.27%. Comes with free estimate and free legal services.
TMW has also cut prices on HMO two-year fixed rates (purchase, remortgage and further advances) with a 3% fee up to 75% LTV, which have dropped 0.30% to 4.09%.
In addition, the HMO two-year fixed rate (costing £1,495, with a maximum LTV of 75%) has been reduced by 0.25% to 5.09%.
Other cuts include:
• BTL’s two-year fixed rate of 3.89%, fees of £1,495 and LTV of up to 65% has been reduced by 0.10%.
• BTL’s two-year fixed rate is 4.09%, costs £1,495 and has an LTV of up to 75%, also reduced by 0.10%.
Joe Avarne, senior manager at Mortgage Works, said: “We are delighted to announce further rate cuts to demonstrate our continued commitment to agents and landlords. These latest rate cuts make us one of the most competitive buy-to-let mortgage providers in the industry.”
Elsewhere, Virgin Money announced a rate cut.
The two-year fixed rate for 75% LTV purchased exclusively by the bank will drop from 3.83% to as much as 0.21%, while the five-year fixed rate for 75% LTV will drop by 0.07% to 3.99%.
Prices for purchasing products have also been slashed. These include a two-year fixed rate with fees of £999 set to be slashed by up to 0.26% from 3.96%, while two-year fixed rate savers will see a cut of up to 0.29% from 4.21%.
Virgin has also cut rates on its two-year fixed-rate remortgage, which costs £999, down 0.25% from 3.84%, and the five-year fixed rate, down 0.15% from 3.92%.
At the same time, BTL two- and five-year fixed rates (with a fee of £2,195) will be reduced by 0.10%, from 3.97%, and some two-year and five-year fixed rates (with a fee of 1%) will be reduced by up to 0.10%, from 3.97%.
Finally, the lender’s product transfer option will see two-year fixed rates reduced by up to 0.25 per cent, starting at 3.69 per cent, while selected five-year fixed rates will be reduced by up to 0.16 per cent, starting at 3.76 per cent.
