TMW cuts rates and launches 50% LTV products

Michael Lloyd

July 3, 2019

The Mortgage Works, the specialist buy-to-let arm of the Nationwide Building Society, has reduced selected 2 and 5-year rates by up to 0.60% and introduced a range of 50% loan-to-value (LTV) products.

Rates for the new 50% LTV 5-year fixed rate mortgage product start at 1.94% with a £1,995 fee, and are available for both purchases and remortgages.

Paul Wootton, managing director of TMW, said: “These changes are designed to expand the product choices for landlords, including those with larger deposits as well as those looking for payment security.

“By offering competitive fixed rate deals and a wider range of products to help manage their cashflow, we are demonstrating TMW’s continued commitment to supporting intermediaries and landlords.”

Selected 2 and 5-year fixed rate products with a zero fee have been reduced, with the 5 year fixed rate up to 65% LTV with zero fee now starting at 2.49%, reduced from 3.09%. The 2 year fixed rate up to 65% LTV with zero fee starts at 2.39%, down from 2.44%, with both for purchase and remortgage.

In addition, free valuations have been added to all house of multiple occupation (HMO) mortgage products, while selected tracker rates have been increased by up to 0.10%.

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