TMW to cut rates

From tomorrow The Mortgage Works, the specialist buy-to-let arm of the Nationwide Building Society, will reduce rates for selected 5-year fixed mortgages by up to 0.35% and on zero fee large portfolio mortgage options by 0.25%.

Rates for the 5-year fixed rate products at up to 65% loan-to-value (LTV) with a £995 fee will start at 2.39%, reduced from 2.59%.

Paul Wootton, managing director of TMW, said: “These changes are designed to support landlords, including those with large portfolios, by offering competitive rates and a wider choice of products to help manage their cashflow.

“This illustrates TMW’s continued commitment to supporting intermediaries and landlords.”

The 5-year fixed at up to 75% LTV with a £1,995 fee will also start at 2.39%, with the £995 fee product starting at 2.49%, reduced from 2.84%. These selected products are for both purchase and remortgage and comes with free valuation and a £250 cashback.

In addition, TMW will introduce a £1,995 range of large portfolio buy-to-let mortgage products, including purchase and remortgage options, at up to 75% LTV, as well as reducing selected rates on existing products by up to 0.25%.

Rates for the 2-year fixed rate large portfolio product with a £1,995 fee will start at 2.84% and with no fee at 3.29%, while the equivalent 5-year products will start at 3.39% with a £1,995 fee and 3.74% with no fee.

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