The Mortgage Works will start lending on buy-to-let cases to 80% loan-to-value from tomorrow.
The lender’s 2-year fixes start from 2.99% with a 2% fee and 3.99% with no fee. Also available is a 5-year fix at 3.59% with a 2% fee and 4.19% with no fee.
Paul Wootton, Nationwide’s director of specialist lending, said: “TMW is extending its range of mortgage products to include loans at up to 80% LTV to give greater choice and more options for landlords, including those taking out new buy to let mortgages and those looking to refinance existing borrowing.
“TMW is entering an established part of the market to offer a range of competitive rates to landlords working to manage their costs, including for those with smaller amounts of capital invested.”
As well as the maximum buy-to-let LTV increasing from 75% to 80%, the max LTV for buy-to-let mortgages on HMOs will rise from 65% to 75%.