The new rates include:
Buy to let range: reductions across selected one, two, five and ten-year fixed rate products by up to 0.95%, including:
- One-year fixed rate at 4.99% with a 2% fee, available up to 75% LTV (reduced by 0.65%)
- Two-year fixed rate at 4.99% with a 3% fee, available up to 65% LTV (reduced by 0.80%)
- Two-year fixed rate at 6.59%, available up to 75% LTV (reduced by 0.95%)
- Five-year fixed rate at 5.14% with a 3% fee, available up to 55% LTV (reduced by 0.55%)
- Ten-year fixed rate at 5.39% available up to 65% LTV (reduced by 0.50%)
Full details on all rate reductions can be found here.
These reductions could mean landlords could borrow up to 10 per cent more due to stress rates being tied to the buy to let rates.
Daniel Clinton, Head of Specialist Lending at The Mortgage Works, said: “Following the rate reductions for our existing customers last week, we're continuing to demonstrate our commitment to landlords with significant rate reductions for new lending. As well as offering competitive rates that help landlords manage their cashflow, these reductions will help ease affordability pressures with some landlords being able to increase borrowing by 10 per cent.”
