The Mortgage Works (TMW) has launched a one-year fixed rate buy-to-let mortgage for existing customers.
The unusually short deal comes with a 2% product fee and a rate of 1% to 65% loan-to-value.
With the private rented sector currently looking to bounce back following the recent coronavirus lockdown, the specialist buy-to-let arm of Nationwide Building Society has launched the new one-year fixed rate deal for landlords who are looking to switch to a new product at the end of their current TMW deal.
TMW is looking to increase its range of mortgages to give landlords further choice during this period of uncertainty and the new product could help them manage their cashflow through this period.
TMW continues to offer a full range of fixed and tracker mortgage to suit the different needs of landlords.
Henry Jordan, Nationwide’s director of mortgages, commented: “The impact of Covid-19 has led to uncertainty in the property market and some landlords are looking to manage their cashflow as they navigate the coming months.
“Some may be reluctant to lock into a long term mortgage deal, so the Society has introduced a new one-year fixed mortgage with its lowest ever rate, to support these landlords.”