TMW announce launch of new 10 year fix

Nationwide's specialist buy-to-let arm, The Mortgage Works, has announced that tomorrow it will launch a new 10 year fixed rate product and reduce rates for 2 year tracker mortgages by up to 0.45%.

Related topics:  Mortgages
Warren Lewis
23rd May 2018
mortgage rate

According to the lender, tracker rates now start at 1.49% for the up to 65% LTV buy to let mortgage with a £1995 fee. In addition, all tracker products have the switch to fix facility, enabling customers to switch to an existing customer fixed rate deal without incurring Early Repayment Charges (ERCs). These reductions make tracker rates around 0.30% less than the equivalent fixed rates

The new 10 year fixed rate buy to let mortgage product at up to 75% LTV has a rate of 3.49%, a rate reduction of 1.50% on the previous product. It includes free standard valuation, £250 cashback, and no arrangement fee. This gives customers a decade of payment security for as little as 0.40% extra on top of the current 5 year fixed product rate.

Paul Wootton, Managing Director of TMW, said: “The reductions to tracker rates and the new 10 year fixed rate product, which offers a significantly lower rate than previously, are aimed at widening choice for landlords who are looking to manage their cashflow and access competitive buy to let mortgage rates.

Along with recent improvements to our product proposition, this further illustrates TMW’s continued commitment to supporting brokers and landlords.”

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