TMW chops fixed rates

A worry development last week in the buy-to-let mortgage market was signaled when one of the largest buy-to-let lenders the Mortgage Works withdrew some of it's longer date fixed rate buy-to-let mortgage products. These included the 4.99%, 5.29% and 5.64% 3 year fixed rates and the 5.79% five year fix. Other rates were marginally increased.

It looks like that it's not only economists who are getting nervous about the rising inflation rate and the possibility of the Bank of England base rate starting to pull clear of the bottom.

A full listing of the changes in the Mortgage Works buy-to-let mortgage product range courtesy of emoneyfacts is given below:

FIXED RATE MORTGAGES of 4.99%, 5.29% & 5.64% to 31.7.13 & 5.79% to 31.7.15 withdrawn.
VARIABLE TRACKER RATE MORTGAGES for "light refurbishment" only of 4.59% to 31.7.11, 4.09% to 31.1.12 & 4.99% for term withdrawn.
FIXED RATE MORTGAGE for "light refurbishment" only of 4.59% to 31.7.11 withdrawn. VARIABLE TRACKER RATE for light refurbishment only of 3.39% to 31.7.11 withdrawn & replaced with new rate of 4.49% to 31.7.11, BBR + 3.99% to 31.7.11, all other details unchanged.
VARIABLE TRACKER RATES of 3.64% & 3.99% to 31.7.12 withdrawn & replaced with rates increased by 0.15% to 3.79% & 4.14% respectively, all other detials unchanged.
FIXED RATE MORTGAGES for light refurbishment only of 3.39% to 31.7.11 & 4.59% to 31.1.12 & 5.39% & 5.89% to 31.7.12 withdrawn & replaced with new rates of 4.49% to 31.7.11, 5.49% to 31.1.12, 5.99% to 31.7.12 & 6.49% to 31.7.12, all other details unchanged.
FIXED RATE MORTGAGES of 3.19% to 31.7.11 & for remortgage only of 5.29% to 31.7.13 withdrawn & replaced with new rates of 3.39% to 31.7.11 & for remortgage only 5.99% to 31.7.13, all other details unchanged. W.e.f. 29.5.10.


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