Cuts by the buy-to-let arm of the Nationwide Building Society include a five-year fixed rate product at up to 80 per cent loan to value (LTV) with a £995 fee, free valuation and £250 cashback at 3.59 per cent, down from 3.84 per cent.

For those with a large portfolio, rates for the five-year fix start at 3.29 per cent for the up to 75 per cent LTV product with a £1,995 fee, down from 3.39 per cent.

Meanwhile the 75 per cent LTV two-year fixes start at 2.59 per cent with a £1,995 fee, down from 2.84 per cent.

Limited company mortgage rates for five-year deals at up to 75 per cent LTV start at 3.34 per cent, reduced from 3.49 per cent, with a £1,995 fee and free valuation.

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The selected rate reductions apply to both purchase and remortgage buy to let mortgage products.

TMW director of mortgages Henry Jordan said: “In the current economic climate many landlords are looking for payment security to manage their cashflow.

“These selected reductions across our five-year fixed rate buy to let mortgage range enhances choices for landlords who want to secure their repayments over the medium term.”