The Mortgage Works announces rates cut

31 July 2006
Specialist mortgage lender The Mortgage Works has made several improvements to its portfolio of products, including rate cuts on some of its buy-to-let and self-cert mortgage products.

The company has unveiled a new two year fixed rate buy-to-let mortgage at a rate of 4.89 per cent and has reduced the rate of its two year buy-to-let tracker from 4.74 per cent to 4.68 per cent

The Mortgage Works has also announced reduced rates on its self-cert mortgages. Its two, three and five year fixed rate products have come down from 5.59 per cent to 5.54 per cent and its two year tracker is down 0.11 per cent to 4.68 per cent.

All the aforementioned mortgages are subject to an arrangement fee of 1.5 per cent, minimum £595.

"These interest rate reductions are good news for the market," said Paul Howard, director of intermediary sales for The Mortgage Works.

"The new buy to let mortgage at 4.89 per cent represents excellent value and we expect to see a huge take-up from intermediaries.

"Our market-leading two year tracker is now significantly more competitive, particularly as we have stripped out the early repayment charge (ERC) – a requirement which is becoming more and more common from portfolio clients."

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