Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Family BS, TMW and Nationwide Announce Mortgage Rate Reductions

Family Building Society, The Mortgage Works (TMW), and Nationwide have each announced changes to their mortgage offerings, including rate reductions and new products for landlords and homebuyers.

Family Building Society has introduced a new range of two-year interest-only tracker products for owner-occupiers, UK and expat buy-to-let (BTL) landlords, and those borrowing through limited company special purpose vehicles (SPVs). The society has also reintroduced five-year fixed rate house in multiple occupation (HMO) products for UK and expat landlords, following their withdrawal in March. Additionally, Family Building Society has reduced its two-year fixed rate by 30 basis points and its five-year UK landlord rates by 10 basis points.

The Mortgage Works (TMW) has announced its third set of rate cuts in June, reducing rates by up to 0.25% on selected one-, two-, and five-year fixed rate products. The new two-year fixed rate for limited company BTL mortgages is 4.09% with a 3% fee, available up to 75% loan to value (LTV). For purchase and remortgage, the two-year fixed BTL rate is 3.19% with a 3% fee, available up to 65% LTV. The five-year fixed BTL rate for purchase and remortgage is 3.99% with a 3% fee, also up to 65% LTV.

Nationwide has also reduced mortgage rates by up to 0.25% for new and existing customers across first-time buyer, homemover, remortgage, and switcher ranges. This marks the third rate cut by Nationwide in June. The lender’s lowest fixed rate is now 4.19% for new and existing customers moving home. For first-time buyers, reductions of up to 0.18% have been made across two-, three-, five-, and ten-year fixed rate products up to 95% LTV. Remortgage products have seen reductions of up to 0.25% across two-, three-, and five-year fixed rate products up to 95% LTV. Switcher products have been reduced by up to 0.14% across two-, three-, and five-year fixed rate products up to 90% LTV. For those moving home, reductions of up to 0.15% have been applied across two-, three-, five-, and ten-year fixed rate products up to 95% LTV.

These changes may be of interest to UK letting agents and inventory clerks monitoring mortgage product trends for landlords and property investors.