The Mortgage Works buy-to-let rates slashed

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The Mortgage Works buy-to-let rates slashed

The Mortgage Works has slashed its buy-to-let rates and enhanced its lending criteria, effective tomorrow, Friday June 3rd.

The popular three-year fixed-rate product from The Mortgage Works has had its rate cut to 4.85 per cent, making it the market leader in its field according to the company.

Buy-to-let rates for the two-year, three-year and five-year fixed products are cut to 5.29 per cent, down from 5.59 per cent, while the two-year discount rate is also down to 5.29 per cent from 5.59 per cent.

Paul Howard, associate director at The Mortgage Works, said: "The Mortgage Works has been an important player in the buy-to-let market this year and these new products will reinforce that position.

"In particular, the 4.85 per cent three-year fixed-rate is likely to prove exceptionally popular."

The Mortgage Works has also promised "enhancements" to its general lending criteria which it hopes will prove popular with intermediaries.

These include a reduced rental income ratio at 75 per cent LTV from 120 per cent to 115 per cent, and an increase in the non-status element of rental coverage from the current 50 per cent LTV to 65 per cent.

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