Nationwide, through its subsidiary The Mortgage Works, is rolling out significant rate reductions across its buy-to-let and limited company buy-to-let mortgage products starting Friday, June 5. These cuts, reaching up to 0.22 percentage points, apply to selected one, two, and five-year fixed rate deals, benefiting both new applicants and existing customers.
The rate cuts cover a broad range of mortgage options including buy-to-let, let-to-buy, Houses in Multiple Occupation (HMO), and limited company buy-to-let products.
Highlights include a five-year fixed rate buy-to-let mortgage for remortgages, now at 4.22%—a 0.22% decrease—with a 3% fee and up to 65% loan-to-value (LTV), inclusive of free valuations and legal services. Existing customers looking to switch can access the same rate with a 0.07% reduction and the same fee and LTV limits. Additionally, a five-year fixed buy-to-let remortgage at 4.69% (down 0.20%) is available with a £1,495 fee and up to 65% LTV.
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Keir Fraser, Lead Manager at The Mortgage Works, stated, “These latest rate cuts are our third in the past month and underscore our commitment to supporting individual and limited company landlords. We strive to keep our products competitive and accessible, making The Mortgage Works a top choice for landlords.”
Limited company buy-to-let customers will also benefit from lowered rates. For example, a five-year fixed rate mortgage for purchase and remortgage is now 5.49%, down by 0.18%, with no fees, available up to 75% LTV and including free valuations. Two-year fixed rate products have also seen reductions of 0.05%, with fees varying between no fee and £1,495, depending on the deal.
These strategic rate reductions demonstrate Nationwide’s focus on catering to the buy-to-let market by offering competitive products, assisting landlords in managing their mortgage costs effectively.