This will apply to its one-, two- and five-year fixed rates for new and existing borrowers, across products for BTL, let-to-buy, limited company BTL and houses in multiple occupation (HMOs).
BTL rate cuts include the remortgage-only five-year fix with a free valuation, free legals and a 3% fee up to 65% loan to value (LTV), which has been reduced from 4.44% to 4.22%. The equivalent product with a £1,495 fee has been reduced from 4.89% to 4.69%.
The five-year fixed existing customer switcher product at 65% LTV with a 3% fee has been cut from 4.29% to 4.22%.
Across its limited company BTL mortgages, a five-year fixed purchase and remortgage product with a free valuation and no fee up to 75% LTV has been reduced by 18bps to 5.49%.
Within the same range, the two-year fixed switcher product up to 75% LTV with a £1,495 fee has been cut by 5bps to 5.44%, and the no-fee option by the same amount to 5.94%.
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Keir Fraser, lead manager at TMW, said: “We are pleased to announce further rate cuts across our mortgage range, our third set of cuts in the past month. They reinforce our commitment to supporting both individual and limited company landlords, ensuring The Mortgage Works continues to offer products and rates that put it at the forefront of landlords’ minds.”
Leek BS adds five-year fixed BTL mortgage
Leek Building Society has launched a five-year fixed rate mortgage to its BTL range, priced at 5.3%.
The product is available up to 75% LTV with a £995 and aimed at landlords with up to two other rental properties. The mutual said this would suit borrowers seeking longer-term security with a competitive rate.
Nikki Warren-Dean, head of intermediaries at Leek Building Society, said: “Landlords continue to face a changing market environment and many are looking for greater certainty over their mortgage costs. This new product gives brokers another competitive option for clients seeking longer-term stability, while benefitting from the personal service and flexible lending approach that Leek Building Society is known for.
“We work closely with our intermediary partners to understand the needs of their clients and are pleased to bring another solution to market that supports those requirements.”
