In a welcome move for property investors, Nationwide Building Society has announced a significant rate reduction on selected buy-to-let mortgages through its subsidiary, The Mortgage Works. These new, lower rates come into effect on Tuesday, 18th November.
Details of the Rate Cuts
The Mortgage Works is slashing rates across a range of its new business products for landlords. The most substantial cut is a reduction of up to 0.20 percentage points, offering investors a chance to secure more competitive financing for their property portfolios.
The changes apply to both individual landlords and those operating through limited companies. Key reductions for individual landlords include a one-year fixed rate now at 2.49% with a 2% fee, and a two-year fixed rate at 2.71% with a 3% fee, both available up to 75% loan-to-value (LTV).
Boost for Limited Company Landlords
Recognising the growing number of landlords using corporate structures, The Mortgage Works has also introduced attractive cuts for limited companies. New rates include a two-year fixed rate at 4.89% and a five-year fixed rate at 4.94%, each with a £1,495 fee. Crucially, these products come with the added benefit of a free valuation, and the five-year remortgage option also includes free legal work.
Commenting on the changes, Joe Avarne, Senior Manager at The Mortgage Works, stated: "We're pleased to support landlords with some further rate reductions on selected mortgages from tomorrow." This initiative from the UK's largest building society is poised to provide a timely financial lift for the buy-to-let sector.
