The Mortgage Works (TMW) has announced a substantial reduction in mortgage rates, effective from today, Wednesday 17 January. This change promises to make a big difference for both new and existing customers, with cuts of up to 1.20%. The new rates now start at a competitive 3.69%.

New Deals for Buy-to-Let Customers

TMW has focused on providing better deals for buy-to-let landlords. New customers can now benefit from various options:

• 2-Year Fixed Rate: A notable offering is the 2-year fixed rate for both purchase and remortgage, set at 3.69% with a 3% fee. This option is available up to a 65% loan-to-value (LTV) ratio.
• Another 2-Year Option: There’s also a new 2-year fixed rate at 3.99% with a £3,995 fee, available up to 75% LTV.
• Higher LTV Option: For those needing a higher LTV, a 2-year fixed rate at 5.29% with a 2% fee is available, going up to 80% LTV.

Additionally, a 5-year fixed rate for purchase and remortgage at 3.94% with a 3% fee is now available up to 55% LTV.

Introducing a New Fee Option

TMW introduces a new fee option for landlords, set at £3,995. This option comes with competitive rates starting from 3.89%. It’s tailored for both buy-to-let and limited company mortgages, catering to a broader range of customers.

A Positive Outlook for the Property Sector

Joe Avarne, the senior manager of buy-to-let mortgages at TMW, highlights the significance of these changes. He mentions, “With rates starting from 3.69% these cuts will see TMW offering some of the lowest rates in the market and is our lowest headline rate offering since May 2023.” He adds, “These changes demonstrate our continued support to landlords and the sector.”