Nationwide Building Society is implementing significant changes to its mortgage offerings from Wednesday, April 29. The UK's largest building society, through its subsidiary The Mortgage Works, is reducing interest rates for existing customers by up to 0.20 percentage points across its buy-to-let and Houses in Multiple Occupation (HMO) ranges.
Rate Cuts for Existing Customers
The existing customer switcher rate reductions include a two-year fixed rate buy-to-let mortgage at 3.59%, reduced by 0.20%, with a 3% fee, available up to 65% loan-to-value (LTV). Additionally, a two-year fixed rate buy-to-let mortgage at 4.77%, reduced by 0.12%, with a £1,495 fee, is also available up to 65% LTV. Furthermore, a five-year fixed rate buy-to-let mortgage at 4.92%, reduced by 0.07%, with no fee, is offered up to 65% LTV.
New Business Rate Cuts
For new customers, selected two and five-year fixed rate products up to 75% LTV will be reduced by up to 0.10% across the limited company buy-to-let range. This includes a new two-year fixed rate limited company buy-to-let mortgage at 4.49%, reduced by 0.10%, with a 3% fee, available up to 75% LTV with free valuation. A five-year fixed rate limited company buy-to-let mortgage at 4.99%, reduced by 0.10%, with a 3% fee, is also available up to 75% LTV with free valuation.
Keir Fraser, Lead Manager at The Mortgage Works, commented: “These changes reflect our focus on supporting our ongoing relationship with landlord customers as they reach the end of their current deal, with options that will better support their cash flow. They also reinforce our continued commitment to landlords who choose to operate through a limited company structure.”
