Although the wider news on interest rates is hardly cheerful, The Mortgage Works has quietly gone the other way on parts of its buy-to-let range.
The Bank of England has been warning about inflation risks linked to higher energy costs from the Iran war, including the possibility that more forceful tightening could be needed if the shock proves severe enough.
Against that background, you might have expected lenders to sit tight or edge pricing up.
Instead, TMW announced selected rate reductions from 13th May (2026) across its new business and switcher ranges.
So what are they actually doing?
According to TMW’s update, rates have been cut by up to 0.20 percentage points on selected one, two and five-year fixed rates, and they have also added three new buy-to-let products.
Nationwide’s own media release says those new options include a one-year fixed product at 4.34% up to 75% LTV with a 1% fee, a one-year remortgage-only fix at 4.84% with a 1% fee, and a two-year tracker at 4.19% with a 1% fee and free valuation.
If, however, you are looking for something a bit more conventional, TMW’s product guide dated 13 May also shows a mix of two and five-year options across its wider buy-to-let range.
That is the bit I think many investors should be paying attention to.
Not just the headline rate, but the structure of the deal.
A no-fee product at a slightly higher rate can sometimes be a better answer than a lower rate with a chunky fee, depending on loan size and how long you expect to hold it.
That, really, is the point.
This is not a story about “cheap money is back”, because it plainly isn’t.
But it is a reminder that lenders are still competing for business, and that selected buy-to-let products can move in your favour even when the wider economic mood is telling you everything should be getting worse.
TMW also continues to offer products up to 80% LTV across its broader buy-to-let proposition, which is worth noticing in itself.
Higher leverage is not right for everyone, obviously, but if you are short on cash and trying to preserve funds for works, stamp duty or the next purchase, it can be a useful tool.
So the takeaway is simple enough.
Do not just look at the headlines.
Look at the products.
In this market, fees, loan-to-value, remortgage terms and flexibility can matter just as much as the rate itself.
As ever, this isn’t advice. Don’t draw down loans or mortgages without taking advice from a good mortgage broker.
If you don’t have a mortgage broker, or you’d like a second opinion, I’ll be happy to introduce you to mine.
Just email me at:
and I’ll make the introduction.
Here’s to successful property investing.
Peter Jones
Author, property investor & ex-Chartered Surveyor
P.S. If you’d like help thinking through your buy-to-let strategy properly, you might find my Successful Property Investor’s Strategy Workshop useful.
You can find out more here:
