The Mortgage Works (TMW) will be reducing rates on one-, two-, three- and five-year fixed rate buy-to-let (BTL) switcher mortgage products.

The rates will be lowered by up to 0.40 percentage points from 21 December.

The new BTL rates include a one-year fixed at 3.79% with a 2% fee, available up to 75% loan-to-value (LTV), which has been reduced by 0.20%.

The two-year fix has been priced at 3.99% with a 3% fee, available up to 65% LTV, lowered by 40 basis points.

The five-year fixed at 4.24% with a 3% fee, available up to 65% LTV, which has gone down by 25 basis points.

TMW director of landlord Daniel Clinton says: “These rate cuts demonstrate our continued commitment to supporting our existing landlord customers who are coming to the end of their current TMW deal.”

“The reductions will mean our BTL switcher range will be even more competitive and a good option for landlords looking to maximise cashflow by helping them manage payments when they finish their existing deal.”