Nationwide announces interest rate cuts on range of products up to 0.40 per cent

Customers can benefit from a change in Buy-to-Let selected rates from today, Tuesday March 26. These rates have been reduced by up to 0.15 percent.

The Mortgage Works has become the first buy-to-let lender in the current cycle to offer a sub-four per cent mortgage.

The new rates include:

• Five-year fixed rate (purchase and remortgage) at 3.99 per cent with a three per cent fee, available up to 55 per cent LTV (reduction of 0.10 per cent).
• Five-year fixed rate (purchase and remortgage) at 4.04 per cent with a three per cent fee, available up to 65 per cent LTV (reduction of 0.10 per cent)
• Five-year fixed rate (purchase and remortgage) at 4.59 per cent with no fee, available up to 65 per cent LTV (reduction of 0.15 per cent)

The Limited Company are now offering selected rates reduced by 0.40 percent.

The new rates include:

• Two-year fixed rate (purchase and remortgage) at 4.99 per cent with a three per cent fee, available up to 75 per cent LTV (reduction of 0.40 per cent)

Dan Clinton, head of specialist lending at The Mortgage Works, said: “As one of the UK’s leading buy-to-let lenders, we continue to support landlords with a range of product options.

“We know that rate is a key consideration for those in the buy-to-let and limited company market as they try to manage their finances through fixed rates.

“The current environment means we’re pleased to be able to make reductions on selected mortgages from tomorrow.”

The rate drops come just a week following the Bank of England’s base rate decision.

The Monetary Policy Committee (MPC) opted to keep interest rates at 5.25 per cent, with no member voting for hike for the first time since 2021.

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Darryl Dhoffer, adviser at The Mortgage Expert, told Newspage: “Buy-to-let mortgages have been dropping for some time now.

“Who would have thought that a headline buy-to-let rate of 3.99 per cent would be cheaper then a standard residential mortgage rate?

“Fair play to The Mortgage Works. Let's hope big brother, Nationwide, wake up and start reducing residential interest rates.”