The Mortgage Works has reduced interest rates by up to 0.15 percentage points on selected two-, three- and five-year fixed rate products across its mortgage range for new and existing customers.
New business limited company buy-to-let (BTL) reduced rates are included
the five-year fixed-rate mortgage (purchase, remortgage and further prepayment) has been reduced by 0.10% to 4.02%.
This comes with a 5% LTV and is available up to 70% LTV with a free valuation.
In addition, the five-year mortgage interest rate (purchase, refinance and further advance) for new customers has been reduced from 0.08% to 4.44%. It has a 3% fee and that’s it available up to 75% LTV with a free valuation.
The five-year fixed rate mortgage (purchase, remortgage and further prepayment) for new customers has been reduced by 0.05% to 4.89% with a £1,495 fee, available up to 75% LTV with a free valuation.
Meanwhile, the reduced BTL rates for existing customers also include the two-year fixed rate mortgage for existing customers, which has been reduced by 0.12% to 2.72% with a 3% fee, available up to 65% LTV.
The two-year fixed rate mortgage for existing customers has also been reduced by 0.09% at no cost to 4.25%, available up to a 65% LTV.
The five-year fixed rate mortgage for existing customers has been reduced by 0.05% to 3.54% with a 3% fee, available up to a 65% LTV.
Keir Fraser, principal manager of Mortgages Works, said: “We are always looking for ways to offer landlords our best product range, so we are pleased to start the year with rate cuts for new and existing customers across our mortgage range.”
Elsewhere, Newcastle Building Society has cut its standard variable mortgage rate (SVR) by 0.19% to 6.31%, effective from February 1.
The change affects residential, self-build and BTL customers with products linked to the lender’s SVR, on properties in England, Wales and Scotland, resulting in lower mortgage repayments for SVR borrowers.
Customers in Gibraltar will also see a reduction from 0.19% to 6.75%.
The reduction reflects a change in market conditions and credit costs.
Ben Smith, head of commercial product development at Newcastle Building Society, said: “As a mutual fund, we remain committed to balancing the needs of our savings and lenders. This reduction in our SVR to 6.31% is a reflection of this commitment.”
Foundation also announced that it has withdrawn all its specialty BTL products.