New fixed-rate buy-to-let products unveiled

The Mortgage Works (TMW) has announced its latest range of new buy-to-let deals. The company, which is the specialist lending subsidiary of Nationwide Building Society, has also confirmed rate cuts on some of its existing two, three and five year fixed-rate, buy-to-let deals.

The new, fixed-rate, buy-to-let products include a five-year deal up to 60% loan-to-value (LTV) with an initial payment rate of 5.24% and a 2.5% fee, and a three-year product at 4.79%, available up to 70% LTV with a 3.5% fee. Both products are subject to a minimum fee of £595.

For its remortgage customers, TMW has unveiled a new five-year, fixed-rate, buy-to-let product priced at 5.34%, up to 60% LTV, with a 2.5% fee (subject to a minimum fee of £595), and an easy remortgaging option which offers either a free standard valuation, energy performance certificate and free standard legal fees, or, alternatively, £500 cash-back.

TMW's managing director, Andy McQueen, said that while interest rates were low at the current time, there was no certainty that this would remain so.

"Many investors will be looking for the security or guarantee of payments that fixed-rate products can offer. Our range of products aims to offer intermediaries a range of options to suit their clients' borrowing needs," he added.

Source: The Mortgage Works | Last updated: 20th January 2009

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