Mortgage Works launches rate-busting product

19 September 2005
Mortgage lenders, The Mortgage Works, has reduced its three-year fixed rate buy-to-let mortgage to 4.55 per cent, one of the most competitive rates around.

The Mortgage Works hopes that the new rate will encourage landlords to remortgage as well as encourage prospective buyers.

Director of The Mortgage Works, Paul Howard, said: "Once again, The Mortgage Works leads this important market sector. This three-year fixed rate offers landlords the opportunity to lock into an incredibly low payment rate combined with generous rental calculations.

"We have written substantial levels of business since the product was launched in April and we are confident that we will continue to do so with the new reduced rate of 4.55 per cent."

Buy-to-let is gaining popularity across the country, with more mortgage providers offering competitive buy-to-let mortgages.

The Association of Residential Letting Agents (ARLA) reported last week that the number of buy-to-let properties available may dry up.

Chief executive of ARLA, Adrian Turner, said: "The quarter's report confirms what we expected, rising values in good quality rental property and rising tenant demand. If we cannot maintain a degree of surplus capacity, the rental market could need additional property very urgently."

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