The Mortgage Works is reducing selected buy-to-let (BTL) rates for new and existing customers by up to 0.25%. Rates will start from 3.54%.

The new business BTL five-year fix available for purchase and remortgage has been reduced by 0.25% to 4.44%. The product is available up to 60% loan-to-value (LTV) and comes with a £1,495 fee.

Further new business BTL rates include:

• Two-year fixed rate (purchase and remortgage) at 3.54% with a 3% fee, available up to 65% LTV (reduced by 0.15%)
• Five-year fixed rate (purchase and remortgage) at 3.94% with a 3% fee, available up to 65% LTV (reduced by 0.10%)
• Five-year fixed rate (purchase and remortgage) at 3.99% with a 3% fee, available up to 75% LTV (reduced by 0.15%)

The new BTL switcher rates include a two-year fix which has been reduced by 0.05% to 3.84%. This comes with a 3% fee, available up to 55% LTV.

Other changes within that range include:

• Two-year fixed rate at 3.84% with a 3% fee, available up to 65% LTV (reduced by 0.05%)
• Five-year fixed rate at 4.74%, with no fee, available up to 55% LTV (reduced by 0.05%)

The Mortgage Works BTL mortgages senior manager Joe Avarne says: “We are pleased to announce further rate cuts to demonstrate our ongoing commitment to brokers and landlords. These latest reductions make us one of the most competitive providers of buy-to-let mortgages in the sector with rates now starting from 3.54%.”