Published 23 September 2014 · Older article — see current rates
The Mortgage Works Let to Buy 2 Year Tracker is an incredible rate for the facility it provides.
The Mortgage Works Let to Buy 2 Year Tracker is a great addition on this lenders product range. Let to Buy is effectively a remortgage of an existing main residency mortgage onto a buy to let mortgage. It is not uncommon to raise capital at the same time to help towards the purchase of the new property, and this keenly priced 2 year tracker rate allows you to do just that! The underwriting is also straight-forward from this provider who are owned by Nationwide Building Society.
APR The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
- Features: Bank of England Base Rate plus 2.09% until 31/12/2016. For let-to-buy remortgages.
- Minimum deposit / equity: 40%
- Valuation fee: £490
- Other main lender fees: £995 arrangement fee.
- Early repayment charges: 3% of the amount redeemed to 31/12/2016
MY COMMENTS: If you are moving out of your main residency you are legally obliged to let the existing lender know. Most lenders will allow you to let the property for a short while ‘consent to let’ but will insist the mortgage is transferred to a specific buy-to-let mortgage for the long term. So to save messing around its worth considering the switch at the point of vacating the property, particularly as the rate is so good right now.