The Mortgage Works (TMW), the buy-to-let (BTL) arm of Nationwide, has reduced rates across switcher products by as much as 0.35%.
The changes will come in for select BTL products for existing borrowers from 27 February.
This will include the two-year fix available up to 65% loan to value (LTV) with a 3% fee, which has been cut by 0.15% to 3.59%, while the fee-free option has been cut by 0.25% to 4.89%.
Also up to 65% LTV, the five-year fix with a 3% fee has been lowered by 0.05% to 3.94%.
For limited company borrowers, the two-year fix with a £3,995 fee up to 75% LTV has been reduced by 0.1% to 5.09%, and the five-year fix at the same tier with a £1,495 fee has been cut by 0.15% to 5.29%.
Meanwhile, the fee-free five-year fix up to 75% LTV has been reduced by 0.05% to 5.64%.
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For borrowers with houses in multiple occupation (HMOs), the switcher BTL product, which is fixed for two years, has no product fee and is available up to 75% LTV, has been cut by 0.35% to 6.44%.
Joe Avarne, senior manager at TMW, said: “These latest reductions show our ongoing commitment to supporting our existing landlords looking to manage their cash flow through fixed rates.”
Gatehouse Bank lowers rental rates
Sharia-compliant lender Gatehouse Bank has cut rental rates on select home purchase plans (HPPs) and BTL products for the UK’s new and existing residents.
This will include select standard and green two- and five-year fixes for individual borrowers and those using special purchase vehicles (SPVs).
For HPP products, rental rates have been cut by 0.25% on two- and five-year fixes up to a maximum finance to value (FTV) of 80%. For individual borrowers and those using SPVs, rental rates have been reduced by 0.1% on two-year fixes and 0.2% on five-year fixes up to 80% FTV.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, said: “We are constantly reviewing our home finance products to ensure they best suit the needs of our customers and are competitive within the market.
“Today’s changes will benefit both new and existing UK customers, ultimately helping more people to achieve their homeownership goals.”
This week, Gatehouse Bank produced a report in which it asked the government to level the playing field between traditional and Islamic finance.
