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TMW launches new buy-to-let product and reduces rates

The Mortgage Works has launched a new 75 per cent loan-to-value buy-to-let mortgage aimed at first-time buyers and has made a number of changes to its buy-to-let and residential ranges.

The lender has reduced selected fixed rate products in its buy-to-let range by up to 0.60 per cent and is scrapping arrangement fees across two, three and five-year mortgages.

It has also introduced a new 4.99 per cent managed rate lifetime variable product at 75 per cent LTV, as well as a new two-year stepped tracker product with an initial rate of 2.99 per cent (Bank of England base rate plus 2.49 per cent).

Changes to its residential range include rate reductions of up to 0.60 per cent on selected house purchase products, capped tracker rate reductions by up to 0.30 per cent and number of new step down trackers available with 1 per cent arrangement fees.

Nationwide director of mortgages Andy McQueen says: “Added to the enhancements we made on September 1, these new changes will further strengthen our product offering in the buy-to-let, residential prime and guarantor markets. 

“By making these changes, we believe we are offering the increased clarity, variety and flexibility needed to ensure that intermediaries can satisfy the ever changing needs of their clients.”

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