Published: 26/03/2024 By Andrew Greenwood
Nationwide-owned lender the Mortgage Works has become the first buy-to-let lender in the current cycle to offer a sub-4% mortgage.The land-lord focussed lender is bringing in lower rates from 26 March, including a 3.99% five-year fix with a 55% LTV and 3% fee. Mortgages with lower deposits or fees still remain well above the 4% mark.
The cuts come days after the Bank of England signalled that it may start reducing its own interest rates soon. The Bank’s Monetary Policy Committee opted to keep interest rates at 5.25% last week, but no member voted for a hike for the first time since 2021, while some comments from the Bank suggested it was ready to think about cuts.