Nationwide Announces Mortgage Rate Cuts for Limited Company Landlords
Nationwide Building Society has implemented significant mortgage rate reductions specifically targeted at limited company landlords through its subsidiary, The Mortgage Works. This strategic move aims to enhance affordability and competitiveness in the buy-to-let market for this particular customer segment.
Details of the Rate Reductions
The Mortgage Works is slashing rates by up to 0.20 percentage points on selected two-year and five-year fixed-rate products. These adjustments apply to both new and existing customers within the limited company buy-to-let range, with the new rates becoming effective immediately this week.
For new business, the updated limited company buy-to-let rates include:
- A two-year fixed rate at 3.74% (reduced by 0.20%) with a 3% fee, available up to 75% loan-to-value (LTV) and including a free valuation.
- A two-year fixed rate at 4.74% (reduced by 0.15%) with a £1,495 fee, also available up to 75% LTV with free valuation.
- A five-year fixed rate at 4.97% (reduced by 0.07%) with no fee, available up to 75% LTV and free valuation.
Existing Customer Benefits
Existing limited company customers who are switching products will also benefit from these rate cuts. The updated switcher rates feature:
- A two-year fixed rate at 3.74% (reduced by 0.05%) with a 3% fee, available up to 75% LTV.
- A two-year fixed rate at 5.29% (reduced by 0.15%) with no fee, available up to 75% LTV.
- A five-year fixed rate at 4.79% (reduced by 0.05%) with a £1,495 fee, available up to 75% LTV.
Official Statement from The Mortgage Works
Keir Fraser, Lead Manager at The Mortgage Works, commented on the initiative, stating, "The Mortgage Works has been supporting the limited company buy-to-let market since 2018. We're delighted to be making these latest rate cuts as we continue to focus on offering limited company landlords a competitive range of products."
This announcement underscores Nationwide's ongoing commitment to the buy-to-let sector, particularly for landlords operating through limited companies. The rate reductions are expected to provide financial relief and improved options for property investors in a challenging economic climate.
