The Mortgage Works has reduced the interest rates on a number of its buy to let mortgages as well as changes to its buy to let lending criteria.
The changes are currently in effect. The rate changes are:
2 Year Fixed Rate – 5.59 per cent
3 Year Fixed Rate – 5.59 per cent
5 Year Fixed Rate – 5.59 per cent
Remortgage 2 Year Fixed 5.89 per cent
Remortgage 3 Year Fixed 5.84 per cent
Remortgage 5 Year Fixed 5.79 per cent
Buy to Let Products – Criteria Changes:
The nominal rate used for rental calculation on 3 and 5 year fixed rate products (purchase and remortgage) from 5.99 per cent, to the pay rate, currently 5.59 per cent. Maximum loan on Buy to Let business has increased from 3million to 5million.
Portman group intermediary sales Paul Howard says: “These are important changes which make our range of buy to let products great value for borrowers and first choice for mortgage intermediaries. The Mortgage Works has strong growth ambitions for 2005 and these new schemes signal our intentions in the buy to let market.”