"The new 10-year fixed rate products offer competitive rates and a choice of ERCs to widen choice and increase flexibility for landlords"
Nationwide's buy-to-let arm, The Mortgage Works, is launching a 10-year fixed rate product range and cutting stress rates for longer term fixed rates and like-for-like remortgage products.
Available from tomorrow, the new 10-year fixed rates start from 2.74% at 65% LTV with a £1,995 fee, free standard valuation and £250 cashback.
TMW is also launching a 10-year fixed rate product that is ERC-free after five years, available from 3.24% at up to 65% LTV.
Additionally, the stress rate for five-year fixed rate products up to 75% LTV is being reduced from 4.99% to 4.50%, while 10-year fixed rates at up to 65% LTV are reducing from 4.99% to 4.00%, or pay rate plus 0.75%, whichever is higher.
Like-for-like remortgages over 65% LTV and up to 75% LTV will see their stress rate reduced from 5.50% to 4.99%.
Paul Wootton, Managing Director of TMW, said: “The new 10-year fixed rate products offer competitive rates and a choice of ERCs to widen choice and increase flexibility for landlords, who are looking to manage their cashflow while maintaining long term payment security.
“Along with recent improvements to our product proposition, this further illustrates TMW’s continued commitment to supporting brokers and landlords.”