Lender trims pricing on limited company and switcher deals
Nationwide Building Society is again reducing mortgage rates – this time on select buy-to-let products on its specialist arm, The Mortgage Works (TMW).
The changes, effective tomorrow, Jan. 17, apply to a range of two-, three-, and five-year fixed products for both new and existing landlord clients.
For new business, limited company buy-to-let rates are being cut on several five-year fixes for purchase, remortgage and further advance. One product is a five-year fixed rate at 4.02%, reduced by 0.10 percentage points, with a 5% fee, available up to 70% loan-to-value (LTV) and including a free valuation.
Another option is a five-year fixed rate at 4.44%, cut by 0.08 percentage points, with a 3% fee, offered up to 75% LTV with a free valuation. The lender is also offering a five-year fixed rate at 4.89%, reduced by 0.05 percentage points, with a £1,495 fee, available up to 75% LTV with a free valuation.
For existing TMW borrowers, rate reductions focus on switcher products up to 65% LTV. These include a two-year fixed rate at 2.72% with a 3% fee, reduced by 0.12 percentage points, and a two-year fixed rate at 4.25% with no fee, reduced by 0.09 percentage points. In addition, there is a five-year fixed rate at 3.54% with a 3% fee, reduced by 0.05 percentage points.
Commenting on the rate cuts, Keir Fraser, lead manager at The Mortgage Works, said: “We are always looking for ways to offer landlords our best range of products, so we’re delighted to be able to start the year with rate cuts for new and existing customers across our mortgage range.”
Earlier this week, Nationwide reduced fixed rates by up to 0.20 percentage points across select two-, three- and five-year products on its first-time buyer and homemover ranges – leaving its lowest fixed rate at 3.50%.
“Nationwide’s latest cuts feel like a real line-in-the-sand moment, and a benchmark other lenders will be watching closely,” said Nicholas Mendes, mortgage technical manager at London broker John Charcol.
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