TMW Mortgage Rates:
How The Mortgage Works' Fee and Term Set Your Loan
11 October 2026
The Mortgage Works (TMW) is the buy-to-let lender owned by Nationwide Building Society, and the rate a landlord pays there depends as much on the product fee as on the loan to value (LTV). This page sets TMW's current fixed rates for landlords buying or remortgaging, and its switch rates for existing TMW landlords, in one dated table, with the rent each choice needs. Mortgage One is a whole of market mortgage adviser that sets TMW's buy-to-let range beside specialist and high street landlord lenders.
For a free initial consultation on whether a TMW fee option or another landlord lender prices your purchase or remortgage better, call 01202 155992 or contact Mortgage One.
The Mortgage Works rates checked on 11 October 2026
At our 11 October 2026 check, TMW's lowest 2-year buy-to-let fix was 3.79% at up to 75% LTV on a fee of 3% of the loan, and its lowest 5-year fix 4.64% on the same fee. On a flat £1,495 fee the same deals cost 4.99% and 5.19%. TMW prices purchase and remortgage at the same rate.
The tables set out TMW's standard range for landlords borrowing in their own names with up to 10 mortgaged buy-to-let properties: 2-year and 5-year fixes by LTV band on each fee, then the switch rates for existing TMW landlords. Most fee options cost the same up to 75% LTV, so a landlord with a 40% deposit often pays the same rate as one with 25%.
| Loan to value | Fee of 3% of the loan | £3,995 fee | £1,495 fee | No fee |
|---|---|---|---|---|
| Up to 65% | 3.79% | 4.79% | 4.99% | 5.29% |
| 65% to 75% | 3.79% | 4.79% | 4.99% | 5.34% |
| 75% to 80% | 4.99% (2% fee) | Not offered | Not offered | 5.99% |
| Loan to value | Fee of 3% of the loan | £1,495 fee | No fee |
|---|---|---|---|
| Up to 65% | 4.64% | 5.19% | 5.24% |
| 65% to 75% | 4.64% | 5.19% | 5.27% |
| 75% to 80% | 5.34% (2% fee) | Not offered | 5.77% |
TMW's standard buy-to-let range for landlords borrowing in their own names with up to 10 mortgaged buy-to-let properties, for purchase and remortgage alike, maximum loan £2 million. The 80% LTV deals carry a fee of 2% of the loan in place of 3%. £1,495 fee versions with £400 cashback: 2-year 5.19% and 5-year 5.29% to 75% LTV. Remortgage-only versions with free standard legal work: 2-year 3.99% / 4.94% / 5.14% / 5.49% and 5-year 4.74% / 5.24% / 5.37% on the 3%, £3,995 (2-year only), £1,495 and no-fee options to 75% LTV. 2-year trackers from 3.99% (Bank Rate plus 0.24, 1% fee) at up to 65% LTV. Limited company 2-year fixes from 4.49% and 5-year from 5.22% at 75% LTV on a 3% fee. When a fix ends the loan moves to the TMW Managed Rate, currently 7.74% for deals up to 65% LTV and 8.24% above. 2-year fixes run to 30 November 2028 and 5-year fixes to 30 November 2031.
| Loan to value | 2-year fixed, £1,495 fee | 2-year fixed, no fee | 5-year fixed, £1,495 fee | 5-year fixed, no fee |
|---|---|---|---|---|
| Up to 65% | 4.99% | 5.34% | 5.12% | 5.24% |
| 65% to 75% | 4.99% | 5.34% | 5.12% | 5.24% |
| 75% to 80% | Not offered | 5.94% | Not offered | 5.64% |
| Above 80% (no LTV limit) | Not offered | 6.19% | Not offered | 5.74% |
TMW's product switch range for existing buy-to-let borrowers with up to 10 properties, effective 1 October 2026. 3% fee versions: 2-year 3.79% and 5-year 4.64% to 75% LTV. £3,995 fee versions: 2-year 4.72% to 65% and 4.84% to 75% LTV, 5-year 4.99% to 75%. 3-year fixes from 4.29%. At 80% LTV a 2% fee brings the 2-year fix to 4.99% and the 5-year to 5.24%. Switch trackers from 4.19% (Bank Rate plus 0.44, 1% fee) at up to 65% LTV. Sources: The Mortgage Works product data behind its buy-to-let rate finder, T59 buy-to-let product guide and T212 product switch rate guide, read 11 October 2026. TMW changes rates without notice.
Early repayment charges on the 2-year fixes are 2% to 30 November 2027, then 1% to 30 November 2028. On the 5-year fixes they step down from 5% to 30 November 2028 through 4% and 3% to 1% in the final year to 30 November 2031. Overpayments of up to 10% a year are allowed without a charge.
When a fix ends, TMW moves the loan onto its Managed Rate, currently 7.74% for a deal taken up to 65% LTV and 8.24% above it. On a £200,000 interest-only loan, 8.24% costs about £542 a month more than the 4.99% 2-year fix on a £1,495 fee.
Does a bigger product fee at TMW lower the cost or raise the loan?
Mostly it raises the loan. At up to 65% LTV, TMW's 3% fee deals cost the same over the fixed period as its no-fee deals on an interest-only loan, because the rate cut exactly offsets the fee. What the 3% fee changes is the stress test: the lower pay rate lets the same rent support a larger loan.
On the 2-year fix, 3.79% for two years plus a 3% fee adds up to 10.58% of the loan, the same as 5.29% for two years with no fee. On the 5-year fix, 4.64% for five years plus 3% comes to 26.2%, matching 5.24% with no fee. At 75% LTV the no-fee deals cost slightly more, so the 3% fee edges ahead.
Against the flat £1,495 fee, the 3% fee is the cheaper 2-year deal on any loan below about £249,000 and the cheaper 5-year deal below about £598,000. The £3,995 fee, offered on the 2-year fixes only, wins on loans above about £625,000. These comparisons assume an interest-only loan with the fee paid up front, so adding the fee to the loan narrows the 3% fee's advantage slightly.
How much rent does a TMW buy-to-let mortgage need?
Rent must cover the interest at TMW's stress rate by 125% for a basic-rate taxpayer and 160% for a higher-rate taxpayer. On a purchase, the 2-year fixes are tested at the pay rate plus 2 points, with a floor of 5.50%, and the 5-year fixes at the pay rate, with a floor of 4.00% or 4.50%.
On £1,500 a month of rent, a basic-rate landlord buying could borrow up to about £248,700 on the 2-year 3% fee deal, £206,000 on the £1,495 fee and £197,500 with no fee at up to 65% LTV. The 5-year fixes stretch further, to about £310,300 on the 3% fee and £277,500 on the £1,495 fee, because they are tested at the pay rate itself. These figures are before any fee added to the loan, which TMW counts within the maximum.
At the 160% cover a higher-rate taxpayer needs, the same rent supports about £194,300 on the 2-year 3% fee deal and £242,500 on the 5-year. TMW treats any personal applicant who owns more than three rental properties as a higher-rate taxpayer, and the 125% cover is limited to applicants declaring income below £50,271 each. Our rental stress test calculator runs the sum on your own rent and rate.
A like-for-like remortgage, with no capital raised, is tested more gently. TMW stresses every fix at 4.00% up to 65% LTV or 4.50% above, or the pay rate if higher, so the 2-year 3% fee deal at 75% LTV supports about £320,000 on the same £1,500 rent. Our guide to the 2026 buy-to-let remortgage stress test explains what that means for landlords refinancing this year.
What TMW offers existing landlords when a fixed rate ends
Existing TMW landlords can switch to a deal from its product switch range, effective from 1 October 2026. Switch rates sit close to new business pricing: the 2-year fix was 4.99% on a £1,495 fee at up to 75% LTV, the same as for a new loan, and the 5-year 5.12%, below the 5.19% charged to new borrowers.
The switch range runs on four fees, 3% of the loan, £3,995, £1,495 and none, and reaches landlords with no LTV limit at all: 6.19% on a 2-year fix or 5.74% on a 5-year, both with no fee, for a loan that has grown above 80% of the property's value. Switch trackers start at 4.19%, Bank Rate plus 0.44 points, on a 1% fee.
A switch is still one lender's offer. A remortgage to another landlord lender can beat it where the rent now supports a larger loan elsewhere or a portfolio has outgrown TMW's limits, so the switch offer is worth pricing against the market before it is accepted. Our guide to the product transfer mortgage explains the switch window.
If your TMW fixed rate ends within the next six months and you want the switch offer set against the whole landlord market, call 01202 155992 or contact Mortgage One.
Who TMW lends to and when a landlord needs a broker
TMW lends to UK residents with at least three years of UK address history, including first-time landlords, with no minimum income and a minimum age of 21. Landlords can apply directly with TMW for standard buy-to-let or through a broker, but TMW offers HMO mortgages only through a broker.
Personal applicants can borrow up to £2 million per loan in the standard range, which covers landlords with up to 10 mortgaged buy-to-let properties, with a separate range for larger portfolios. First-time buyers are accepted only alongside an applicant who already owns a property, and holiday lets are not accepted.
TMW will not lend to a landlord living abroad, or to anyone with an address outside the UK in the last three years. Our guide to non-UK resident mortgages sets out the lenders that will.
TMW is a wholly owned subsidiary of Nationwide Building Society, and Nationwide's own residential range is priced on our Nationwide mortgage rates page. Unlike Accord, which lends only through brokers, TMW takes direct applications as well. A broker sets TMW's fee options against other landlord lenders before a decision in principle is run, which avoids a failed application where TMW's stress test or residency rule would decline the case.
TMW trackers, limited company and remortgage-only deals
TMW's 2-year trackers for landlords start at 3.99%, Bank Rate plus 0.24 points, at up to 65% LTV on a 1% fee, with early repayment charges of 0.75% then 0.50%. Its limited company range starts at 4.49% on a 2-year fix at 75% LTV with a 3% fee, and remortgage-only deals add free standard legal work.
A tracker moves with Bank Rate, so a 0.25 point rise adds about £42 a month on a £200,000 interest-only loan. Bank Rate is 3.75% with the next decision due on 5 November 2026. Our tracker mortgage rates table shows the margins other lenders charge, and our UK interest rate projection tracks where markets expect Bank Rate to go.
TMW's limited company fixes cost more than its personal ones: 4.49% on a 2-year fix and 5.22% on a 5-year at 75% LTV with a 3% fee, against 3.79% and 4.64% personally. The company route is tested at 125% cover whatever the directors' tax rate, which can still leave a higher-rate landlord borrowing more. Our guide to limited company buy-to-let covers the trade-off.
The remortgage-only versions with free standard legal work cost a little more, from 3.99% on a 2-year fix and 4.74% on a 5-year with a 3% fee, so the legal saving is worth pricing against the higher rate. Our buy-to-let mortgage rates page sets TMW beside the wider landlord market. Figures as of 11 October 2026, London.
To have TMW's fee options and stress test run against your rent, tax band and portfolio, call 01202 155992 or contact Mortgage One.
Back to Rate Forecast and Economic Drivers
The information provided in this article is for general guidance only and does not constitute personal or regulated financial advice. If you'd like to understand what these moves could mean for you, speak to Mortgage One. We can explain your options and timings based on your specific circumstances.
FAQs
1. What are The Mortgage Works' current rates?
On 11 October 2026 TMW's lowest buy-to-let fixes at up to 75% LTV were 3.79% on a 2-year fix and 4.64% on a 5-year fix, both with a fee of 3% of the loan. On a £1,495 fee they were 4.99% and 5.19%, and with no fee from 5.29% and 5.24%.
2. Is TMW owned by Nationwide?
Yes. The Mortgage Works (UK) plc is a wholly owned subsidiary of Nationwide Building Society and is Nationwide's buy-to-let lender. Nationwide itself lends on homes the borrower lives in, while TMW lends to landlords on property they let.
3. What is a good interest rate for a TMW mortgage?
It depends on the fee. On 11 October 2026 TMW's 2-year fixes ran from 3.79% on a 3% fee to 5.34% with no fee at 75% LTV. Over the fixed period the 3% fee and no-fee deals cost about the same at up to 65% LTV, so the right deal turns on loan size and the rent.
4. Should I do a 2 or 5 year fixed buy-to-let mortgage with TMW?
TMW tests its 5-year fixes at the pay rate and its 2-year fixes at the pay rate plus 2 points, so the same rent supports a larger loan on a 5-year fix. The 5-year fix carries early repayment charges from 5% down to 1% to 30 November 2031.
5. What rates does TMW offer existing customers?
TMW's product switch range, effective 1 October 2026, offered a 2-year fix at 4.99% and a 5-year fix at 5.12% on a £1,495 fee at up to 75% LTV. Landlords above 80% LTV can switch with no fee at 6.19% for two years or 5.74% for five.
6. What is the TMW Managed Rate?
It is the variable rate a TMW loan moves to when a fixed or tracker deal ends. On 11 October 2026 it was 7.74% for deals taken up to 65% LTV and 8.24% above that, well above the switch rates offered to existing landlords.
7. Can I apply to The Mortgage Works directly?
Yes for a standard buy-to-let mortgage, which TMW takes directly or through a broker. HMO mortgages are available only through a broker. A broker can also set TMW's fee options and stress test against other landlord lenders before an application is made.
8. Does TMW lend to expats?
No. TMW lends only to UK residents and does not accept applicants with a previous address abroad in the last three years. Landlords living abroad need a lender with an expat buy-to-let range.