The Mortgage Works is applying rate cuts of up to 0.2% to selected buy-to-let (BTL), limited company BTL and houses in multiple occupation (HMO) products for existing borrowers.
The new pricing will be introduced on 4 December.
This includes the two-year fixed BTL product available up to 75% loan to value (LTV) with a 3% fee, which has been cut by 0.15% to 2.89%.
There is also a five-year fixed BTL product which has been lowered by 0.07% to 3.69%, available up to 75% LTV with a 3% fee.
Further, The Mortgage Works has cut the rate of a two-year fixed limited company BTL product by 0.15% to 3.79%, which has a 3% fee and is available up to 75% LTV.
Joe Avarne, senior manager at The Mortgage Works, said: “As one of the UK’s leading buy-to-let lenders, The Mortgage Works offers landlords a broad range of options to meet their varying needs.
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“These latest rate reductions demonstrate our continued commitment and support to our existing landlord customers who are coming to the end of their current deal.”
Insight from UK Finance published today suggested that the product transfer market was holding up even though mortgage affordability had improved, and had accounted for 82% of all refinancing activity so far this year.
