The Mortgage Works (TMW) is reducing its limited company BTL rates by 0.50 per cent and launching new five-year fixed products from tomorrow (Thursday 7 September).

Its two-year fixed rate will be available at 5.99%, with a 3% fee, up to 75% LTV – a cut of 50bps.

The company’s five-year fixed rate is now available at 6.59% with a 3% fee, up to 75% LTV (reduced by 0.20%).

The new products include a five-year limited company fixed rate at 5.49%, with a 5% fee, available up to 70% LTV.

The above is available for purchase, remortgage and further advance with free standard valuation.

Selected 10-year fixed BTL rates will increase by 0.10%, with rates at 65% LTV starting from 5.49%.

The Mortgage Works head of specialist lending Daniel Clinton says: “We are pleased to announce these rate reductions, which we will be welcome news for landlords.

“The swap rate environment has been improving recently, opening the door for us to reduce rates further, as we look to support Buy to Let investors with their cashflow and help unlock affordability constraints.”