The Mortgage Works (TMW), the specialist lending subsidiary of Nationwide Building Society, has launched two new buy-to-let products.

The lender has launched a new one-year fixed-rate product with a rate of 3.49%. The rate then reverts to Bank base rate (BBR) plus 2.99%.
TMW has also launched a variable option, which tracks BBR plus 1.99% for the first year, before reverting to BBR plus 2.99%.

Both products have a fee of 3.5% of the mortgage amount and early repayment charges only apply for the first year.

Andy McQueen, managing director of The Mortgage Works, commented: "These two new products will cater for both customers who are seeking to fix their payments over the next year, and those who are comfortable with their payments tracking the Bank base rate. With early repayments charges only applicable for the first year, customers can benefit from competitive interest rates for a year and then reassess their mortgage needs."

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