The Mortgage Works, a subsidiary of Nationwide, is set to reduce interest rates by up to 0.20 percentage points on selected one, two, and five-year fixed-rate mortgage products starting Wednesday, 13 May 2026. The changes apply to both new and existing customers, and the lender is also introducing new products to its buy-to-let range.
Rate reductions for new customers
For new customers, The Mortgage Works will cut rates by up to 0.20 percentage points on selected one, two, and five-year fixed-rate products across its buy-to-let, Houses in Multiple Occupation (HMO), and limited company ranges. For example, a two-year fixed-rate buy-to-let mortgage for purchase or remortgage is now available at 3.32% (down by 0.12%) with a 3% fee, up to 65% loan-to-value (LTV).
New buy-to-let products introduced
The lender is also adding new products to its new customer buy-to-let range. These include a one-year fixed-rate buy-to-let product for house purchase and remortgage up to 75% LTV with a 1% fee at a rate of 4.34%. Additionally, a one-year fixed-rate buy-to-let product for remortgage only up to 75% LTV with a 1% fee at a rate of 4.84% is available, which includes free valuation and free legal services.
Changes for existing customers
For existing customers, The Mortgage Works will cut rates on selected two and five-year fixed-rate HMO and limited company HMO products by up to 0.20 percentage points. Simultaneously, rates on selected two and five-year buy-to-let and limited company buy-to-let products will be reduced by up to 0.10 percentage points.
Keir Fraser, Lead Manager at The Mortgage Works, commented: “These latest rate reductions and new products, including one-year fixed and two-year tracker options with a one per cent fee, are designed to give landlords greater flexibility and choice in a changing market. All of our tracker products also include a switch-to-fix facility, allowing customers to move on to one of our existing customer fixed rates at any time without incurring early repayment charges.”
