The Mortgage Works has reduced rates by up to 0.35% across selected buy-to-let (BTL) products for existing customers.
The lender’s switcher BTL two-year fix with no product fee available up to 65% loan-to-value (LTV) has been lowered by 0.25% to 4.89% while the two-year fix with a 3% fee, available up to 65% LTV has been cut by 0.15% to 3.59%.
The switcher BTL limited company five-year fix with a fee of £1,495, available up to 75% LTV has been reduced by 0.15% to 5.29%.
Meanwhile, the switcher BTL house of multiple occupancy two-year fix with no product fee, available up to 75% LTV has been lowered by 0.35% to 6.44%.
The Mortgage Works senior manager Joe Avarne says: “These latest reductions show our ongoing commitment to supporting our existing landlords looking to manage their cash flow through fixed rates.”
Elsewhere, Gatehouse Bank has reduced rental rates across selected home purchase plans and BTL products for new and existing customers in the UK.
The reductions will cover selected standard and green two-year and five-year fixed term products for individual applicants as well as UK-registered special purpose vehicles limited companies.
For UK residents seeking house purchase plans products, rental rates will be reduced by 0.25% on two-year and five-year fixed term products up to a maximum finance to value (FTV) of 80%.
For UK residents and UK-registered SPV limited companies seeking BTL products, rental rates will be reduced by 0.10% on two-year fixed term products and 0.20% on five-year fixed term products up to a maximum FTV 80%.
In addition, Gatehouse Bank has updated its stress rates across two-year fixed term house purchase plans and BTL products.
Gatehouse Bank head of customer propositions Gemma Donnelly comments: “We are constantly reviewing our home finance products to ensure they best suit the needs of our customers and are competitive within the market.”
“Today’s changes will benefit both new and existing UK customers, ultimately helping more people to achieve their homeownership goals.”
