The Mortgage Works will again cut rates by up to 40 basis points across its limited company and houses in multiple occupation ranges for new customers from tomorrow (28 September).
The Nationwide Building Society’s buy-to-let arm says its reductions include:
- Five-year fixed-rate loans at 5.44%, with a 5% fee, available up to 70% loan to value, down by 5bps
- Five-year fixed-rate deals at 5.69%, with a 3% fee, available up to 75% LTV, down by 30bps
- Five-year fixed-rate offers at 6.24%, with a £1,495 fee, available up to 75% LTV, down by 25bps
The Mortgage Works head of specialist lending Dan Clinton says: “We continually look to support landlords with competitive products.
“The swap rate environment has been gradually improving enabling us to reduce rates further.
“These reductions will be welcomed by BTL investors as we work to support them with their cashflow and help unlock affordability constraints.”
The cuts come amid the Bank of England’s Monetary Policy Committee holding the base rate at 5.25% last week, in a narrow 5-to-4 vote, following its previous rise on 3 August.
Many economists expected a further 0.25% hike before the committee would consider how its previous 14 consecutive rate rises were feeding through the economy, as it battles inflation.
The cost of living unexpectedly slowed to 6.7% in the 12 months to August yesterday – down slightly from 6.8% in July.
Two weeks ago, the Mortgage Works became one of the first major lenders to offer sub-5% home loan rates.
Since then, a range of lenders such as HSBC, Santander, Nationwide, Yorkshire Building Society and West One Loans have followed suit.
