Nationwide Cuts Buy-to-Let Mortgage Rates, Benefiting Customers Nationwide

Starting Wednesday morning, April 22, Nationwide is rolling out a welcome change for mortgage customers by reducing buy-to-let mortgage rates through its subsidiary, The Mortgage Works. The cuts, which apply to selected buy-to-let and let-to-buy products within the new business mortgage range, will lower rates by up to 0.20 percentage points.

Highlighted products include a two-year fixed-rate buy-to-let mortgage (remortgage only) at 3.74%, down by 0.05%, with a 3% fee. This option is available up to 65% Loan-To-Value (LTV) and comes with free valuation and legal services. Another offer is a five-year fixed-rate buy-to-let mortgage (remortgage only) at 4.37%, reduced by 0.15%, with a 3% fee, available up to 55% LTV, also with free valuation and legal fees. Additionally, there is a five-year fixed-rate mortgage (remortgage only) at 4.99%, cut by 0.20%, with a £1,495 fee, available up to 75% LTV, including free valuation and legal services.

Keir Fraser, Lead Manager at The Mortgage Works, expressed enthusiasm about the reductions: “We’re delighted to be able to make these rate cuts as we continue to put The Mortgage Works at the forefront of the buy-to-let market with competitive rates.”

These rate changes come amid ongoing geopolitical tensions in the Middle East involving the USA, Israel, and Iran, which began in February. This conflict has led to market volatility and uncertainty regarding future interest rate movements.

According to financial information provider Moneyfacts, average two- and five-year fixed homeowner mortgage rates remained steady between Monday and Tuesday mornings this week. However, rates have seen significant increases over recent weeks; the average two-year fixed homeowner mortgage rate rose from 4.83% at the start of March to 5.87% by Tuesday morning, while the five-year fixed rate increased from 4.95% to 5.76% during the same period.