The Mortgage Works has expanded its 50 per cent loan-to-value range of mortgages.
The specialist buy-to-let arm of Nationwide Building Society will now offer a new five-year fixed rate 50 per cent LTV purchase and remortgage loan starting at 2.19 per cent with a £1,995 fee and 2.49 per cent with no fee.
Both loans come with free standard valuation and free standard legals for remortgage or free valuation and £250 cashback for purchase or remortgage.
Paul Wootton, managing director of TMW, said: “In the light of increased speculation that a base rate rise may be imminent, we are continuing to widen the choice for those seeking longer term payment security and offer competitive rates to landlords working to manage their costs.”
In addition, selected five-year fixed rate products are being reduced by up to 0.2 per cent at 65 per cent LTV and up to 0.45 per cent at 75 per cent LTV.
Rates for the 65 per cent LTV product now start at 2.59 per cent with a £1,995 fee and the 75 per cent LTV deal starts at 2.69 per cent, also with a £1,995 fee.
Carl Shave, director at Suffolk-based just Mortgage Brokers, said the new offering is bound to attract many customers.
He said: “The revised five-year fixed rates introduced by The Mortgage Works puts their mid-term offers in a much more competitive place in the market.
"Both new rates represent a very good reduction to the deals they replace which seems to demonstrate TMWs intent in the buy-to-let market.
"The pricing of the rates offered with or without a fee, combined with free valuations and free standard legals for remortgages should go down well with my clients at each end of the borrowing spectrum."
