Nationwide, which has branches in Birmingham, has announced its subsidiary The Mortgage Works is cutting buy-to-let rates.
Nationwide implementing ‘delightful’ change for customers from Wednesday morning
Nationwide will begin implementing a “delightful” change for mortgage customers from Wednesday, April 22, morning. Nationwide, which has branches in Birmingham, has announced its subsidiary The Mortgage Works is cutting buy-to-let rates.
It i cutting rates by up to 0.20 percentage points on selected buy-to-let and let-to-buy products across its new business mortgage range.
The new business rate cuts tomorrow include a two-year fixed rate (remortgage only) buy-to-let mortgage at 3.74% (reduced by 0.05%) with a 3% fee, available up to 65% LTV with free valuation and free legal.
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It includes a five-year fixed rate (remortgage only) buy-to-let mortgage at 4.37% (reduced by 0.15%) with a 3% fee, available up to 55% LTV with free valuation and free legal, too.
And it includes a five-year fixed rate (remortgage only) buy-to-let mortgage at 4.99% (reduced by 0.20%) with a £1,495 fee, available up to 75% LTV with free valuation and free legal.
Keir Fraser, Lead Manager at The Mortgage Works, said: “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.”
The conflict in the Middle East, between the USA, Israel and Iran, which erupted back in February, has prompted market volatility and uncertainty about the future of interest rates.
Financial information website Moneyfacts said this week that the average two and five-year homeowner mortgage rates on Tuesday morning were unchanged from Monday.
But while some average rates appear to have reached a plateau in recent days, they have increased significantly in recent weeks.
The average two-year fixed-rate homeowner mortgage was 4.83% at the start of March and 5.87% on Tuesday morning.
The average five-year fixed-rate homeowner mortgage has risen from 4.95% at the start of March to 5.76% on Tuesday morning, according to Moneyfacts.