From tomorrow (7 May 2020), The Mortgage Works (TMW), the specialist buy to let arm of Nationwide Building Society is making changes to its buy to let mortgage range including:
- New five-year fixed rates at 50% LTV – Borrowers can opt for a 1.69% rate with a £1,995 fee or a 1.94% rate with no fee.
- Introduction of no fee range at 65% and 75% LTV – Rates start from 2.39% for a two-year fixed and 2.79% for a five-year fixed.
- Reintroduction of two-year trackers – Rates start from 1.59% at 65% LTV or from 1.89% at 75% LTV, both have a £1,995 fee.
- Limited Company – Five-year fixed rates reduced by up to 0.10% and now start from 3.29% at 75% LTV with a £1,995 fee.
- Further advance rates – Two-year fixed rates now start from 1.99% and five-year fixed rates from 2.69% at 65% LTV with a 1% fee.
Full details of all changes can be found here
Henry Jordan, Nationwide’s Director of Mortgages, said: “These changes see us expanding the range of mortgages we have on offer for landlords. This also includes reintroducing our tracker mortgages which we temporarily withdrew a few weeks ago. While we may be in a period of uncertainty, these changes demonstrate that TMW is very much open for business.”
