Nationwide Building Society's mortgage lender to cut interest rates again
Nationwide's The Mortgage Works is making changes
NATIONWIDE/GETTY
Nationwide Building Society's mortgage lender will slash interest rates across multiple products tomorrow (September 12) in a boon for prospective homebuyers.
The Mortgage Works (TMW) is moving to reduce switcher rates by 0.05 per cent across its Buy to Let (BTL) range.
These latest round of rate cuts to the switcher products for Buy to Let include a two-year fixed at 3.79 per cent with a three per cent fee, available up to 65 per cent loan-to-value (LTV).
Furthermore, a three-year fixed mortgage at 3.84 per cent with a three per cent fee, available up to 65 per cent LTV.
On top of this, Nationwide customers will be able to take advantage of a five-year deal fixed at 3.84 per cent with a three per cent fee.
A mortgage price war across British lenders appears to be heating up with NatWest and Barclays also announcing similar rate cuts.
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The Bank of England has begun to cut interest rates GETTY Interest rates have been implemented across high street building societies and banks following recent action by the Bank of England.
Recently, the central bank's Monetary Policy Committee (MPC) voted narrowly to cut the base rate from 5.25 per cent to five per cent.
A further rate hike is expected to be implemented later in the year which will relief pressure on mortgage holders.
Raising the base rate increases the cost of borrowing for banks which trickles down to homeowners via mortgage products.
More interest rate cuts from the Bank of England will likely lead to further reductions in the rates attached to mortgage products.
Joe Avarne, a senior manager for Buy-to-Let at The Mortgage Works, broke down who will likely benefit from the Nationwide lender's latest reduction.
He explained: “These competitive rate reductions continue to evidence our commitment to supporting landlords looking to manage their cashflow through fixed rates.”
Research carried out by Moneyfactscompare suggest falling mortgage rates is indicative of changes in the wider marker.
Rachel Springall, finance Expert at Moneyfacts, explained: "Fixed mortgagerates fell across the spectrum during August, which will be welcome news for prospective borrowers.
"Overall, the average two- and five-year fixed rates have now fallen for the second month running and are back down to levels not seen for over six months.
LATEST DEVELOPMENTS:
The building society's mortgage lender is making more cuts
NATIONWIDE BUILDING SOCIETY"It can take a few weeks for lenders to react to a volatile swap rate market, so it’s good to see mortgage pricing moving in a positive direction.
"A sense of product stability also returned to the market, as the average shelf-life of a deal rose to 21 days, up from 17 days in August."
The Bank of England's next MPC meeting will take place on September 19.
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