The Mortgage Works has announced rate cuts on selected two and five-year fixed rate products across its mortgage range, effective tomorrow.

Limited company buy-to-let (BTL) products will see reductions of up to 0.25%, while buy-to-let and let-to-buy products will see rate cuts of up to 0.15%.

Limited company BTL two-year fixed rate (purchase, remortgage and further advance) has been reduced by 0.20% to 5.59% with no fee, available up to 75% LTV and comes with a free valuation.

In the same range, the two-year fixed rate (purchase, remortgage and further advance) has been cut by 0.25% to 5.09% with a £1,495 fee, available up to 75% LTV and comes with a free valuation.

In addition, the two-year BTL fixed rate (remortgage only) has been lowered by 0.15% to 4.09% with a £1,495 fee, available up to 75% LTV, with a free valuation and free legals.

The five-year fixed rate (remortgage only) has been cut by 0.05% to 4.44% with no fee, available up to 75% LTV and comes with a free valuation and free legals.

The Mortgage Works senior manager Joe Avarne says: “We are pleased to announce further rate cuts across our mortgage range, which should come as great news for landlords. They really demonstrate that The Mortgage Works remains committed to supporting all types of landlords with competitive rates.”

Meanwhile, Virgin Money has increased rates on purchase products by as much as 0.20% today.

The 95% LTV five-year fixed rate fee-saver went up by 0.20% to 4.89% while the 95% LTV two-year fixed rate fee saver increased by 0.10% to 5.04%.