TMW cuts new business and switcher rates by up to 0.25%

The Mortgage Works has reduced selected buy-to-let rates for new and existing customers by up to 0.25%, with rates now starting from 3.54%.

Available for purchase and remortgage, new business rates include a two-year fixed rate at 65% LTV, down by 15bps to 3.54% with a 3% fee.

New five-year fixed rates with a 3% fee start from 3.94% at 65% LTV and 3.99% at 75% LTV. The largest reduction is to a five-year fixed rate at 65% LTV with a £1,495 fee, down to 4.44%.

In TMW's switcher range, selected two and five-year fixed rates have reduced by 5bps. Highlights include a two-year fix down to 3.84% with a 3% fee, available up to 65% LTV. In addition, a fee-free five-year fixed rate now starts from 4.74% at 55% LTV.

The latest round of reductions follows TMW cutting switcher rates by up to 20bps last week.

Joe Avarne, senior manager for buy-to-let mortgages at The Mortgage Works, said: “We are pleased to announce further rate cuts to demonstrate our ongoing commitment to brokers and landlords. These latest reductions make us one of the most competitive providers of buy-to-let mortgages in the sector with rates now starting from 3.54%.”