There’s good news for landlords and anyone living abroad who’s looking to buy in the UK! The Mortgage Works and Nottingham Building Society have both announced cuts to their mortgage rates.

The Mortgage Works Slashes Landlord Rates

The Mortgage Works, which is part of Nationwide Building Society, is making life a bit easier for landlords by cutting rates on some of its buy-to-let mortgages.

From tomorrow, July 10th, landlords can grab a five-year fixed-rate mortgage at 4.84% – that’s a reduction of 15 basis points! This deal comes with a 5% fee and is available for loans up to 70% of the property value.

If you’re a landlord looking to borrow a bit more, you can fix your rate at 5.54% for five years. This deal has a slightly higher fee of £3,995 and is available for loans up to 75% of the property value. This rate has also dropped by 15 basis points.

The biggest saving comes with The Mortgage Works’ five-year fixed-rate mortgage at 5.84% for loans up to 75% of the property value – a cut of 25 basis points!

Joe Avarne, a senior manager at The Mortgage Works, says these changes will make buy-to-let mortgages more affordable and open doors for more landlords.

Nottingham Building Society Offers Better Deals for Foreign Nationals

Nottingham Building Society has also been busy making changes to its mortgage rates, this time with a focus on people living abroad who are looking to buy a property in the UK.

The building society has reduced rates on its two-year fixed-rate mortgages for foreign nationals by up to 16 basis points, while five-year fixes have been reduced by up to 10 basis points.

That’s not all – Nottingham Building Society has also extended the end dates for its two, three and five-year fixed-rate residential mortgages.

These changes are effective immediately, so if you’re a foreign national looking to buy in the UK, now could be the perfect time to secure a great deal!