Another option is a five-year fixed rate at 4.44%, cut by 0.08 percentage points, with a 3% fee, offered up to 75% LTV with a free valuation. The lender is also offering a five-year fixed rate at 4.89%, reduced by 0.05 percentage points, with a £1,495 fee, available up to 75% LTV with a free valuation.
For existing TMW borrowers, rate reductions focus on switcher products up to 65% LTV. These include a two-year fixed rate at 2.72% with a 3% fee, reduced by 0.12 percentage points, and a two-year fixed rate at 4.25% with no fee, reduced by 0.09 percentage points. In addition, there is a five-year fixed rate at 3.54% with a 3% fee, reduced by 0.05 percentage points.
Commenting on the rate cuts, Keir Fraser, lead manager at The Mortgage Works, said: “We are always looking for ways to offer landlords our best range of products, so we’re delighted to be able to start the year with rate cuts for new and existing customers across our mortgage range.”
Earlier this week, Nationwide reduced fixed rates by up to 0.20 percentage points across select two-, three- and five-year products on its first-time buyer and homemover ranges – leaving its lowest fixed rate at 3.50%.
“Nationwide’s latest cuts feel like a real line-in-the-sand moment, and a benchmark other lenders will be watching closely,” said Nicholas Mendes, mortgage technical manager at London broker John Charcol.