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The Mortgage Works cuts buy-to-let interest rate to 3.69%
七月 4, 2024
The Mortgage Works cuts buy-to-let interest rate to 3.69% 倫敦
By   Internet
  • 城市報
  • Buy to Let
  • Loan to Value (LTV)
  • UK Housing Market
Abstract: The Mortgage Works (TMW) recently announced a reduction in its buy-to-let mortgage rates to 3.69%, providing more attractive options for both individual and corporate landlords. This move aims to further support real estate brokers and landlords by lowering the financial burden and expanding market access.

The rate cut, which goes up to 0.30%, covers various term lengths and loan-to-value (LTV) options. For individual landlords, TMW offers several new rate choices. First, there is a 2-year fixed rate at 3.69% with a 65% LTV, allowing landlords to benefit from lower interest rates and reduced repayment pressure. Second, there is a 5-year fixed rate at 4.04%, also with a 65% LTV, suitable for those seeking to lock in the current low rates over a longer term. Additionally, there is a 5-year fixed transition rate at 4.14% for a 75% LTV. All these options require a 3% fee.


For corporate landlords, TMW provides slightly different rates, typically with a premium. The 2-year fixed rate is 4.99% for up to 75% LTV, with a 3% fee. Although this rate is higher compared to individual landlords, it remains competitive. Additionally, there is a 2-year fixed rate option at 5.69% for a 75% LTV, with a fee of £3,995. For those wishing to lock in a short-term rate, there is a 2-year fixed transition rate at 6.49% for a 75% LTV.


The Mortgage Works cuts buy-to-let interest rate to 3.69%

propertywire.com


Joe Avarne, Senior Manager responsible for buy-to-let mortgages at The Mortgage Works, stated: “We remain committed to supporting brokers and landlords, which is why we are delighted to announce rate reductions across our range. These new deals will enhance affordability and help broaden market access for investors.”


This rate adjustment aims to alleviate financial burdens for existing landlords and attract new investors to the market. Lower rates mean landlords can secure better financing terms, improving their investment returns. This is particularly beneficial for those considering entering the buy-to-let market.


Moreover, TMW's initiative reflects its strategic adjustment in the current market environment. Amid increasing competition, TMW's rate reduction seeks to attract more clients and maintain its competitive edge. For brokers and landlords, TMW's new rate options provide significant support, helping them navigate market changes more effectively.

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The Mortgage Works cuts buy-to-let interest rate to 3.69%
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