TMW cuts BTL rates – Accord and Foundation follow suit

The Mortgage Works (TMW) has announced a reduction in its buy to let mortgage rates for both new and existing customers, with rates starting from 3.69%.

The lender’s new rates include:

• Two-year fixed rate (purchase and remortgage) at 3.69% with a 3% fee (up to 65% LTV)
• Five-year fixed rate (purchase and remortgage) at 4.04% with a 3% fee (up to 65% LTV)
• Five-year fixed switcher rate at 4.14% with a 3% fee (up to 75% LTV).

TMW’s senior manager of buy to let mortgages, Joe Avarne, said: “We remain as committed as ever to supporting brokers and landlords, which is why we’re pleased to announce rate cuts across our range.

“Our products are some of the most competitive in the sector and, with rates now starting from 3.69%, these new deals will improve affordability and help widen market access for buy to let investors.”

Accord reduces rates

Accord has also reduced rates on some of its two- and three-year buy to let fixed-rate mortgage products by up to 0.40%. They include:

• Two-year fixed rate at 5.79% (previously 6.19%) for remortgage at 75% LTV (no fee, free standard valuation and free remortgage legal work)
• Two-year fixed rate at 5.59% (previously 5.94%) at 60% LTV (no fee, free standard valuation and free remortgage legal work)
• Three-year fixed rate at 5.04% (previously 5.24%) at 60% LTV for remortgage (fee £995, free standard valuation and remortgage legal work)
• Two-year fixed rate at 4.89% (previously 5.14%) for house purchase at 75% LTV (fee £3,495 and free standard valuation).

Aidan Smith, Accord’s buy to let mortgage manager, said: ” While a degree of ongoing market volatility remains, the general trend is towards stabilisation and settling-out.

“We are pleased to say that this has allowed us to trim selected rates across our buy-to-let range and enhance the value we offer landlords.”

Foundation launches new BTL product

Foundation Home Loans, through its buy-to-let brand ‘Buy to Let by Foundation’, has launched a new five-year fixed-rate Limited Edition product. It is:

• Available up to 75% LTV with a rate of 5.59% and a 2.25% fee.

Foundation’s director of product marketing, Tom Jacob, said: “We are pleased to launch a new buy to let five-year Limited Edition fix with a competitive rate which should appeal to landlord borrowers.”

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