Landlords with long-term plans now have the option to choose from a range of new fixed-rate products.
The Mortgage Works today announced it is launching longer term options on the buy-to-let market.
Among the highlights of the new product range are:
- 10-year fixed rates up to 75 per cent LTV at 4.99 per cent with a £995 fee
- Five-year fixed rate up to 75 per cent LTV at 4.19 per cent with a £1,995 fee
- Five-year fixed rates up to 80 per cent LTV starting from 4.49 per cent
According to TMW, the 10-year fix is the only long-term option on the buy-to-let market at the moment.
TMW, a Nationwide company, has also announced two rate cuts. The five-year fixed rate up to 75 per cent LTV and a fee of £995 will be reduced to 4.39 per cent and the two-year fixed up to 80 per cent LTV and a 2.5 per cent fee – to 3.99 per cent.
The lender said as well it is withdrawing two-year fixed rates up to 80 per cent LTV with a £995 fee.
With the new cuts and launches, TMW is joining the ranks of lenders freshening up their portfolios at the start of the New Year. Many of banks and building societies are reducing mortgage rates to keep up with the changes in the market.
Just last week Barclays introduced, what it says is UK’s lowest ever 10-year fixed rate at 2.99 per cent.
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