The Mortgage Works (TMW), the buy-to-let arm of Nationwide, has just announced some serious rate cuts. This means you could be saving a chunk of cash on your mortgage payments, which can be a real game-changer for your rental property profits.

What’s the Big Deal?

TMW has dropped selected buy-to-let (BTL) mortgage rates for new customers, with the best deals starting at a super-competitive 3.49%.

Let’s break down the details:

For Individuals:

• Two-year fixed rate: You can now grab a two-year fixed rate at 4.64% for both purchase and remortgage. That’s a 10 basis point drop (0.1%) compared to the previous rates. These deals come with a £1,495 fee and are available up to 75% loan-to-value (LTV). This means you can borrow up to 75% of the property’s value.
• Five-year fixed rate: For extra peace of mind, you can lock in a five-year fixed rate at 4.29% for both purchase and remortgage. This comes with a 5 basis point drop (0.05%) compared to previous rates and also comes with a £1,495 fee and is available up to 75% LTV.

For Limited Companies:

• Two-year fixed rate: Limited company landlords can benefit from a two-year fixed rate at 4.79% for both purchase, remortgage, and further advance offers. This represents a 5 basis point drop (0.05%) compared to previous rates and comes with a 3% fee and is available up to 75% LTV.

What This Means For You:

Lower rates mean you’ll pay less interest on your mortgage each month. This means more cash in your pocket to cover your property costs, boost your rental income, or even invest in other ventures.

Joe Avarne, Senior Manager, Buy-to-Let Mortgages at The Mortgage Works, says that these rate cuts make them “one of the most competitive providers of BTL mortgages in the sector”. If you’re looking to buy a rental property, remortgage, or secure an additional loan for your existing portfolio, these deals are worth a serious look.