Mortgage Works, a leading mortgage lender, recently announced that it is reducing 2- and 5-year rates for landlords by up to 30 basis points. This move is expected to help landlords in the UK save money on their mortgages, allowing them to invest more in their properties and businesses.
The new rates, which are effective immediately, will apply to both new and existing customers. The reduction in rates will be applied to all 2- and 5-year fixed-rate mortgages, including those with a repayment or interest-only option. This means that landlords can now benefit from lower monthly payments and more manageable interest rates.
Mortgage Works has stated that this move is part of its commitment to helping landlords save money and invest in their properties. The company has also highlighted the fact that this reduction in rates could help landlords to become more competitive in the current market.
The company’s Chief Executive Officer, David Smith, said: “We are delighted to be able to offer these reduced rates to our customers. We understand the importance of helping landlords to save money and invest in their properties, and this reduction in rates is one way we can do that.”
The reduction in rates is expected to be welcomed by landlords across the UK. With the current economic climate, many landlords are struggling to make ends meet and this reduction in rates could provide some much-needed relief.
Mortgage Works is not the only lender offering reduced rates for landlords. Other lenders have also announced similar reductions in recent months, indicating that this is an industry-wide trend.
It is important for landlords to shop around to find the best deal for their needs. Comparing different lenders and their rates can help landlords find the most suitable mortgage for their circumstances.
Overall, Mortgage Works’ reduction in 2- and 5-year rates for landlords is a welcome move that could help landlords save money and invest in their properties. It is important for landlords to compare different lenders and their rates to ensure they get the best deal for their needs.