Nationwide has said some of its customers will receive £750 in cashback as part of a giveaway from its buy-to-let mortgage arm, The Mortgage Works.
From Thursday, April 17, the company will cut rates on selected two and five-year fixed rate products across its mortgage range.
For limited company landlords looking to remortgage, The Mortgage Works has introduced a new range of five-year fixed rate buy-to-let products, which come with a free valuation and £750 cashback.
The building society added that limited company buy-to-let products would see reductions of up to 0.25 per cent, whilst buy-to-let and let-to-buy products will see rate cuts of up to 0.2 per cent.
The reduced rates include a two-year fixed buy-to-let purchase and remortgage deal at 3.14 per cent, down by 0.1 percentage points. This comes with a 3 per cent fee and is available up to 65 per cent loan-to-value (LTV).
Five-year fixed buy-to-let rates will be set at 4.34 per cent, with a £1,495 fee, available up to 75 per cent LTV.
Joe Avarne, senior manager at The Mortgage Works, said in a press statement: "These latest rate cuts across our mortgage range should come as great news for landlords and will position The Mortgage Works as one of the most competitive lenders in the market.
"The introduction of our limited company cashback range also shows how we continue to innovate and enhance our product range to ensure we meet the needs of landlords. We know that the £750 cashback will be a welcome benefit for customers remortgaging to The Mortgage Works."
It comes after Nationwide handed out a £50 payment to 12 million savers and borrowers last month as a way of saying “thank you”, with 12 million customers said to have been eligible for the giveaway.
Last November, Nationwide reported that it had gained £2.3 billion since buying rival bank Virgin Money, but reported a drop in profits, partly due to fading gains from higher interest rates and payouts to members.
“The economic outlook remains uncertain, and the interest rate outlook means we expect to have passed peak profitability,” chief executive Debbie Crosbie said at the time.
“However, lower interest rates and resilience in real earnings are supporting consumer finances which, if maintained, should support a strengthening in housing market activity and overall deposit growth.”