Both products have a fee of 3.5% of the mortgage amount
The Mortgage Works, the specialist lending subsidiary of Nationwide Building Society, has launched two new buy to let products.
A new one-year fixed-rate product with a rate of 3.49% will offer borrowers certainty around their payments during challenging economic times with the rate then reverting to bank base rate plus 2.99%, said The Mortgage Works (TMW).
Alternatively, buy to let borrowers who prefer variable tracker rate products can opt for a product tracking bank base rate plus 1.99% for the first year, also reverting to bank base rate +2.99% rate after this initial 12-month period.
Both products have a fee of 3.5% of the mortgage amount (minimum fee GBP595) and early repayment charges only apply for the first year, so after
12 months borrowers can benefit from bank base rate linked products with no redemption penalties payable, added TMW.
Andy McQueen, managing director of TMW, said: These two new products will cater for both customers who are seeking to fix their payments over the next year and those who are comfortable with their payments tracking the bank base rate. With early repayments charges only applicable for the first year, customers can benefit from competitive interest rates for a year and then reassess their mortgage needs.