TMW cuts BTL rates while NatWest and Furness offer deals

The Mortgage Works has unveiled a series of reductions across its buy to let, limited company BTL and let-to-buy mortgage products.

The lender’s two-year fixed rate for purchase and remortgage now stands at 2.99% with a 3% fee, available up to 65% loan-to-value (LTV), down by 0.15%.

For those seeking longer-term stability, a five-year fixed rate is offered at 3.74% with a 3% fee, also at 65% LTV, reduced by 0.10%.

Limited company landlords can access a five-year fixed rate at 4.84% with a 3% fee, up to 75% LTV, which includes a free valuation and a 0.10% reduction.

A two-year option for the same group is priced at 4.99% with a £3,995 fee, down 0.20%, also with a free valuation.

TMW’s senior manager, Joe Avarne, said: “We are pleased to announce these latest changes and the introduction of our lowest headline rate for nearly three years will be welcome news for brokers and landlords alike.”

NatWest’s competitive short-term deal

NatWest has caught the attention of the BTL mortgage experts at Moneyfactscompare.co.uk which is highlighting its two-year fixed rate mortgage at 4.34%.

It is fixed until 31 July 2027, for those with a 60% LTV.

This online-exclusive deal, which saw a 0.15% cut, includes a free valuation and allows overpayments, though it carries a £995 product fee.

Moneyfactscompare’s Caitlyn Eastell said: “Landlords looking for a competitive package may find the two-year fixed rate ‘online exclusive’ deal from NatWest attractive.”

The deal has earned an Outstanding Moneyfacts product rating for its appeal to borrowers seeking short-term certainty.

Furness Building Society’s best buy

Furness Building Society has also lowered its BTL rates, with its five-year fixed rate mortgage for landlords with an 80% LTV now at 4.88%, following a 0.06% reduction.

This deal, which tops its sector, includes a £995 fee, £250 cashback for property purchases, and a free valuation for remortgage customers.

Overpayments are permitted, adding flexibility.

This has also caught the eye of Ms Eastell at Moneyfactscompare who said: “Landlords wishing to save on the upfront cost of their mortgage may find this an enticing deal as it charges a reasonable £995 product fee and comes with an appealing incentive package.”

The product has secured an Outstanding Moneyfacts rating and a Best Buy position.

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