The Mortgage Works is cutting rates by up to 0.20% on selected one-, two- and five-year fixed rate products across its mortgage range for new and existing customers as well as introducing new products to its buy-to-let range.

Going live tomorrow, the rate cuts for new customers include its BTL two-year fixed rate, available for purchase and remortgage, which has been cut by 0.12% to 3.32%. This has a 3% fee and is available up to 65% loan-to-value (LTV).

The two-year (purchase, remortgage and further advance) limited company BTL mortgage has been lowered by 0.15% to 4.34% with a 3% fee, available up to 75% LTV with a free valuations.

In addition, the lender’s two-year fixed rate (purchase, remortgage and further advance) limited company HMO mortgage has been reduced by 0.20% to 4.39% with a 3% fee, available up to 75% LTV.

The Mortgage Works will also be introducing new mortgage products to its new customer BTL range.

There will be a new one-year fixed rate BTL product (house purchase and remortgage) up to 75% LTV with a 1% fee with a rate of 4.34% as well as a one-year fixed rate BTL product (remortgage only) up to 75% LTV with a 1% fee with a rate of 4.84%, which comes with free valuation and free legal and a two-year tracker BTL product (purchase and remortgage with a free valuation) up to 75% with a 1% fee at 4.19%.

The lender will also cut rates for existing customers on selected two- and five-year fixed rate HMO and limited company HMO products by up to 0.20%.

Rates on selected two- and five-year BTL and limited company BTL will be reduced by up to 0.10%.

The Mortgage Works lead manager Keir Fraser says: “These latest rate reductions and new products, including one year fixed and two year tracker options with a one per cent fee, are designed to give landlords greater flexibility and choice in a changing market.”

“All of our tracker products also include a switch to fix facility, allowing customers to move on to one of our existing customer fixed rates at any time without incurring early repayment charges.”

Meanwhile, Gen H has announced that it is increasing mortgage rates after swap rates increased.

From tomorrow, two- and three-year rates are going to rise by 18bps and five-year rates will increase by 16bps.

In addition, New Build Boost prices will go up by 15bps to 6.54% for an effective rate of 5.51%.