Nationwide rolling out change for mortgage customers on Wednesday
(Image: d3sign via Getty Images)
Nationwide is introducing a significant change to its mortgage offerings from Wednesday. The UK’s largest building society has a subsidiary known as The Mortgage Works.
From Wednesday, April 29, the subsidiary – which forms part of Nationwide, competing with the likes of NatWest, HSBC UK, Lloyds, Barclays, Santander and others – will be slashing rates for existing customers by up to 0.20 percentage points across its buy-to-let and Houses in Multiple Occupation (HMO) ranges, reports Birmingham Live.
Furthermore, selected two and five-year fixed rate products up to 75 per cent Loan-to-Value (LTV) for new customers will be reduced by up to 0.10% across the limited company buy-to-let range.
The existing customer switcher rate reductions include:
- A two-year fixed rate buy-to-let mortgage at 3.59% (reduced by 0.20%) with a 3% fee, available up to 65% LTV
- A two-year fixed rate buy-to-let mortgage at 4.77% (reduced by 0.12%) with a £1,495 fee, available up to 65% LTV.
- A five-year fixed rate buy-to-let mortgage at 4.92% (reduced by 0.07%) with no fee, available up to 65% LTV.
The new business rate cuts include:
- A new two-year fixed rate (purchase, remortgage and further advance) limited company buy-to-let mortgage at 4.49% (reduced by 0.10%) with a 3% fee, available up to 75% LTV with free valuation.
- A five-year fixed rate (purchase, remortgage and further advance) limited company buy-to-let mortgage at 4.99% (reduced by 0.10%) with a 3% fee, available up to 75% LTV with free valuation.
Keir Fraser, Lead Manager at The Mortgage Works, commented: “These changes reflect our focus on supporting our ongoing relationship with landlord customers as they reach the end of their current deal, with options that will better support their cash flow.
“They also reinforce our continued commitment to landlords who choose to operate through a limited company structure.”
Get all the latest money news sent straight to your inbox by signing up to our newsletter here.