TMW cuts buy-to-let rates
New 2-year and 5-year fixed rate products have also been added to the 65% and 75% loan-to-value tiers.
Through TMW, part of the Nationwide group, existing 2-year fixed and tracker rates up to 65% LTV have been reduced by up to 0.45%, with rates starting at 2.19% and 1.94% respectively. A new £0 fee product at 65% LTV has also been introduced, with a headline rate of 2.99%.
The 3-year and 5-year fixed rate products at 65% and 75% LTV have been reduced by up to 0.50% and a new £1,995 fee option introduced. Rates start for the 65% LTV products at 2.69% for the 3-year fixed and 3.29% for the 5-year fixed, and are amongst the most competitive in the market.
Let-to-buy rates have been reduced by up to 0.40%, with rates for the 65% LTV 2-year fixed rate deals starting at 2.39% with a £1,995 fee.
Paul Wootton, TMW’s head of specialist mortgages, said: “This new range of competitive buy-to-let fixed rate and tracker mortgages provide landlords with TMW’s best ever rates and continue to demonstrate our commitment to our customers and intermediaries.
“With a likely Bank Base Rate rise on the horizon, TMW’s competitive range of fixed rate products offer longer term payment security for landlords, particularly for those with larger deposits looking to maximise their cashflow.
“There are also a range of new deals for those looking to rent out their existing residential property using a let-to-buy mortgage, which Nationwide customers can co-ordinate with their residential mortgage application through a streamlined process.
“And for existing TMW customers, switcher rates have been reduced in line with their new business equivalents, ensuring that we reward customer loyalty by giving existing customers access to our best rates.”
The new full range of rates is available to both first-time and experienced landlords through intermediaries.