The Mortgage Works is from tomorrow (Wednesday 13 May), cutting rates by up to 0.20 percentage points on selected one, two and five-year fixed rate products across its mortgage range for new and existing customers, as well as introducing new products to its buy-to-let range.
Rate cuts for new customers:
Across the new customer range, The Mortgage Works will be cutting rates by up to 0.20 percentage points on selected one, two and five-year fixed rate products across its buy-to-let, Houses in Multiple Occupation (HMO) and limited company ranges.
Examples include:
- Two-year fixed rate (purchase and remortgage) buy-to-let mortgage at 3.32% (reduced by 0.12%) with a 3% fee, available up to 65% LTV.
- Two-year fixed rate (purchase, remortgage and further advance) limited company buy-to-let mortgage at 4.34% (reduced by 0.15%) with a 3% fee, available up to 75% LTV with free valuation.
- Two-year fixed rate (purchase, remortgage and further advance) limited company HMO mortgage at 4.39% (reduced by 0.20%) with a 3% fee, available up to 75% LTV.
New products introduced:
The Mortgage Works will also be introducing new mortgage products to its new customer buy-to-let range:
- New one-year fixed rate buy-to-let product (house purchase and remortgage) up to 75% LTV with a 1% fee with a rate of 4.34%.
- New one-year fixed rate buy-to-let product (remortgage only) up to 75% LTV with a 1% fee with a rate of 4.84% and which comes with free valuation and free legal.
- New two-year tracker buy-to-let product (purchase and remortgage with a free valuation) up to 75% with a 1% fee at 4.19%.
Rate cuts for existing customers:
The Mortgage Works will be cutting rates for existing customers on selected two and five-year fixed rate HMO and limited company HMO products by up to 0.20 percentage points. At the same time, rates on selected two and five-year buy-to-let and limited company buy-to-let products will be reduced by up to 0.10 percentage points.
Keir Fraser, Lead Manager at The Mortgage Works, said: “These latest rate reductions and new products, including one‑year fixed and two‑year tracker options with a one per cent fee, are designed to give landlords greater flexibility and choice in a changing market. All of our tracker products also include a switch‑to‑fix facility, allowing customers to move on to one of our existing customer fixed rates at any time without incurring early repayment charges.”
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