The Mortgage Works has cut rates for existing customers by up to 0.20% across its buy-to-let (BTL) and houses in multiple occupation (HMO) ranges, effective tomorrow.

In addition, selected two and five-year fixed rate products up to 75% loan-to-value (LTV) for new customers will be reduced by up to 0.10% across the limited company BTL range.

The existing customer switcher rate cuts include the two-year fixed rate BTL mortgage, which has been lowered by 0.20% to 3.59% with a 3% fee, available up to 65% LTV.

In addition, reductions have been made to the two-year fixed rate BTL mortgage, cut by 0.12% to 4.77% with a £1,495 fee, available up to 65% LTV and the five-year fixed rate BTL mortgage, lowered by 0.07% to 4.92% with no fee, available up to 65% LTV.

The new business rate reductions include the two-year fixed rate (purchase, remortgage and further advance) limited company BTL mortgage, which has been cut by 0.10% to 4.49% with a 3% fee, available up to 75% LTV with free valuation.

The five-year fixed rate (purchase, remortgage and further advance) limited company buy-to-let mortgage has also been reduced by 0.10% to 4.99% with a 3% fee, available up to 75% LTV with free valuation.

The Mortgage Works lead manager Keir Fraser says: “These changes reflect our focus on supporting our ongoing relationship with landlord customers as they reach the end of their current deal, with options that will better support their cash flow. They also reinforce our continued commitment to landlords who choose to operate through a limited company structure.”