In a significant move aimed at boosting its position in the buy-to-let mortgage market, The Mortgage Works (TMW) has announced another rate cut, effective from Tuesday, 6 August. This latest adjustment sees reductions of up to 0.45 percentage points across various mortgage products, making TMW one of the most competitively priced lenders in this sector.
Enhanced Buy-to-Let Mortgage Offers
TMW’s latest rate revisions include a two-year fixed-rate buy-to-let mortgage starting at just 3.49% with a 3% fee for loans up to 65% loan-to-value (LTV), marking a modest reduction of 0.05%. Additionally, landlords looking to invest through limited companies can now access a five-year fixed rate at 4.59% with a 5% fee for up to 70% LTV, reduced by 0.25%. Another option for limited companies includes a five-year fixed rate at 4.99% with a 3% fee for up to 75% LTV, which has been cut by 0.30%.
For properties classified as Houses in Multiple Occupation (HMO), TMW now offers a two-year fixed rate at 4.94% with a 3% fee, available up to 75% LTV, reduced by a significant 0.45%.
Commitment to Market Competitiveness
Joe Avarne, Senior Manager for Buy-to-Let Mortgages at The Mortgage Works, commented on the reductions: “We are pleased to announce more rate cuts as it further demonstrates our ongoing commitment to brokers and landlords. These latest reductions make us one of the most competitive buy-to-let mortgage lenders in the sector with rates now starting from 3.49%.”
Implications for Landlords
These rate cuts come at a crucial time when affordability and investment viability are key considerations for landlords in the UK. By offering more competitive rates, TMW not only enhances its market appeal but also provides landlords with more financially viable options for growing or maintaining their property portfolios. This move is likely to be well-received by both existing and prospective landlords, offering them a chance to secure better terms amidst a fluctuating economic landscape.
