Nationwide sends message to customers who have a mortgage and says 'from tomorrow'

Nationwide has told customers The Mortgage Works is moving to reduce switcher rates. The Mortgage Works (TMW) will be reducing rates 0.05 percentage points across its Buy to Let Switcher range from tomorrow, Thursday, 12 September 2024.

The reductions to the switcher products for Buy to Let include a two-year fixed at 3.79% with a 3% fee, available up to 65% LTV (reduced by 0.05%) and a three-year fixed at 3.84% with a 3% fee, available up to 65% LTV (reduced by 0.05%).

There is also a five-year fixed at 3.84% with a 3% fee, available up to 65% LTV (reduced by 0.05%). Joe Avarne, Senior Manager, Buy-to-Let Mortgages at The Mortgage Works, said: “These competitive rate reductions continue to evidence our commitment to supporting landlords looking to manage their cashflow through fixed rates.”

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Nationwide is the UK's third largest mortgage provider and holds almost £1 in every £10 saved in the UK, as well as one in ten of the UK's current accounts. It also supports landlords and those who rely on the private rented sector for their long-term housing needs through its buy to let business, The Mortgage Works.

The Mortgage Works said: "If a mortgage product with TMW is either approaching maturity, has matured or has a Switch to Fix facility, it may be possible to switch to another mortgage product, subject to eligibility criteria. Eligibility for this range of products is subject to no current mortgage arrears.

"Customers subject to a Bankruptcy Order or Individual Voluntary Arrangement (IVA) are not eligible to complete a product switch until their bankruptcy or IVA is discharged and the trustee has confirmed they no longer hold an interest in the mortgage.

"Product switches are subject to an automated valuation. This will be used to determine the current loan to value for the purposes of product selection. Results are based on thevaluation of other properties in the same area and of a similar description and size.

"Please note, if switching Legacy Residential products, we will offer a product on the same basis as the original application."