TMW reduces rates for longer term fixed buy to let deals

The Mortgage Works (TMW) is reducing rates by up to 0.60% on its Buy to Let and Let to Buy products, with effect from Tuesday 23 September 2014.

New two, three and five year fixed and two year tracker products have been added to the 60 per cent LTV tier, with rates now starting from 2.39%.  Existing two year fixed rates have also been reduced by up to 0.60%.  The move will enable customers with larger deposits to access more competitive fixed rate deals.

In addition, selected products up to 75 per cent LTV have been reduced by up to 0.50%.

Rates include:

Two year fixed rate product 2.84% at 60 per cent LTV, £995 fee

Three year fixed rate product 3.39% at 60 per cent LTV, £995 fee

Five year fixed rate product 3.89% at 60 per cent LTV, £995 fee

The new range of rates is available to both Buy to Let and Let to Buy customers, and are available to both first time and experienced landlords.

Henry Jordan, Managing Director of The Mortgage Works, said: “Landlords are keen to access competitively-priced fixed rate deals, especially now that there is increasing discussion surrounding the possibility of an interest rate rise.

“TMW has introduced rate reductions focused on lower LTV products, improving the competitiveness of products for landlords with a larger deposit and allowing them to fix for the longer term. The refreshed range of fixed and variable rate products is great news for both experienced and first-time landlords and for those customers looking to better their current rate.”