Nationwide Building Society’s mortgage lender has announced another reduction to interest rates across its product range.
From January 20, The Mortgage Works (TMW) will offer slashed rates by up to 0.15 per cent to new customers.
Once this is implemented, mortgage rates across two-year and five-year fixed products will start from 3.54 per cent.
This latest announcement from the lender comes shortly after it reduced rates for new and existing customers earlier this week.
Nationwide Building Society is cutting rates once again
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With this change, the building society’s buy-to-let mortgage products will include the following interest rates:
- Two-year fixed rate (purchase and remortgage) at 3.54 per cent with a three per cent fee, available up to 65 per cent LTV (reduced by 0.15 per cent)
- Two-year fixed rate (purchase and remortgage) at 3.94 per cent with a £3,995 fee, available up to 75 per cent LTV (reduced by 0.05 per cent)
- Five-year fixed rate (purchase and remortgage) at 3.84 per cent with a three per cent fee, available up to 55 per cent LTV (reduced by 0.10 per cent).
A full list of the impacted TMW products can be found on the mortgage lender’s website.
Joe Avarne, the senior manager of Buy-to-Let Mortgages at the Nationwide lender, contextualised these latest reductions within the slate the current deals on offer in the wider market.
He explained: “As one of the largest buy-to-let providers in the market TMW remain committed to supporting landlords by maintaining our competitive position.
“These latest cuts will see TMW rates starting from 3.54 per cent and will be some of the lowest rates in the market.”
Over the last year-and-a-half, rates have soared following the Bank of England’s decision to raise the base rate.
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The Bank of England base rate is currently at a 15-year high GB NEWSThis has been carried out to ease inflation in the UK with interest rates currently sitting at 5.25 per cent.
While this has been beneficial to savers, mortgage holders and other borrowers have been hurt financially.
Despite inflation rising to four per cent last month, the Consumer Price Index (CPI) rate has been on a downward trajectory in part due to the central bank’s action.
Analysts are betting on the central bank reducing the base rate in the later half of 2024 which lenders, such as Nationwide Building Society, are already factoring in.
