TMW cuts buy-to-let fixed and tracker rates, offering new rate of 2.74%

17 January 2013

With effect from Friday January 18, The Mortgage Works (TMW) is reducing the rates across its range of buy-to-let mortgage products by up to 0.8 percentage points on fixed rates and 0.75 percentage points on tracker deals.

In addition, it is also introducing new 55 per cent and 65 per cent products, together with a new £995 fee range as well as new zero fee products - an attractive option for landlords wanting larger loans with competitive rates starting from 3.49 per cent.

Key highlights include:

  • New 3.49% two-year fixed rate up to 55% LTV with £995 fee
  • New 3.74% two-year fixed rate up to 55% with no fee
  • New 4.49% two-year fixed rate up to 75% LTV with £995 fee
  • Two-year fixed rate reduced to 2.74%, up to 65% LTV, with 3.5% fee
  • Two-year tracker reduced to 2.99%, up to 75%, with 3.5% fee
  • Two-year fixed rate reduced to 4.69%, up to 80% LTV, with 2.5% fee

Ian Andrew, managing director of Group Intermediary Sales at Nationwide, said: "The majority of our BTL products now have an arrangement fee of just £995 or less. With the latest rounds of rate cuts, it means investors can benefit from attractive monthly payments and low fees.

"Offering rates as low as 2.74 per cent for a two-year fixed and 2.99 per cent for a two-year tracker makes us among the most competitive in the market. It is positive news for the buoyant buy-to-let sector and is another reason why so many landlords choose to obtain their mortgage with TMW."

New product literature is available on the TMW website from 18 January 2012.

Notes to editors:

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