Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
The Mortgage Works Launches New 2-Year Trackers and Cuts BTL Fixed Rates
The Mortgage Works has introduced new two-year tracker products to its buy-to-let (BTL) mortgage range and reduced rates on selected two-, three-, and five-year fixed rate BTL products for both new and existing customers.
The new tracker products include a two-year tracker BTL mortgage for purchase and remortgage up to 65% loan-to-value (LTV) with a 1% fee at 4.19%, and a two-year tracker BTL mortgage for remortgage only, also up to 65% LTV with a 1% fee at 4.29%. There is also a two-year tracker BTL product for existing customer switchers up to 65% LTV with a 1% fee at 4.19%.
In addition to the new tracker products, The Mortgage Works has reduced rates by up to 0.15% on selected fixed rate BTL mortgages. These reductions include:
- Five-year fixed rate (purchase and remortgage) BTL mortgage cut by 0.15% to 4.39% with a 3% fee, available up to 75% LTV.
- Five-year fixed rate (purchase and remortgage) BTL mortgage reduced by 0.10% to 4.97% with no fee, available up to 65% LTV.
- Five-year fixed rate (existing customer switcher) BTL mortgage reduced by 0.05% to 4.29% with a 3% fee, available up to 65% LTV.
- Two-year fixed rate (existing customer switcher) BTL mortgage lowered by 0.13% to 5.27% with no fee, available up to 75% LTV.
These changes are relevant for letting agents and inventory clerks monitoring mortgage product updates that may impact landlord clients and the wider rental market.
Source: Mortgage Strategy