The Mortgage Works launches two new Buy to Let products for the new year

The Mortgage Works (TMW), the specialist lending subsidiary of Nationwide Building Society, has launched two new buy to let products.

A new one-year fixed-rate product with a low rate of 3.49% will offer borrowers certainty around their payments during challenging economic times, with the rate then reverting to Bank Base Rate plus 2.99%.

Alternatively, buy to let borrowers who prefer variable tracker rate products can opt for a product tracking Bank Base Rate plus 1.99% for the first year, also reverting to Bank Base Rate + 2.99% rate after this initial twelve-month period.

Both products have a fee of 3.5% of the mortgage amount (minimum fee £595) and early repayment charges only apply for the first year, so after twelve months borrowers can benefit from Bank Base Rate linked products with no redemption penalties payable.

Andy McQueen, managing director of The Mortgage Works, said the lender remained focused on offering borrowers a choice of products.  He commented: "These two new products will cater for both customers who are seeking to fix their payments over the next year, and those who are comfortable with their payments tracking the Bank Base Rate. With early repayments charges only applicable for the first year, customers can benefit from competitive interest rates for a year and then reassess their mortgage needs."

The two new products are not available to limited companies, and all other TMW products remain unchanged.

Notes to editors:

Terms and Conditions apply, subject to applicants meeting lending criteria at the time of a new application.

The Mortgage Works' product range is available through brokers and includes buy to let, where it has built a strong reputation, and self-certification. Intermediaries requiring further information about the products and services offered by The Mortgage Works should contact their business development manager or visit www.themortgageworks.co.uk

Customers wishing to deal directly with The Mortgage Works can call 0845 45 45 800.
Lines are open Monday to Friday 9am - 5pm.

For further information:

Lucinda Devine, Media Relations Manager, Nationwide Building Society
020-7826-2188, 07725-680-865, Lucinda.Devine@nationwide.co.uk