TMW is lowering rates on its switcher deals tomorrow by up to 25 basis points, following cuts to its new business deals today.

The buy-to-let lender, which is part of Nationwide Building Society, is one of more than 20 lenders to lower prices this week.

As a result average fixed rates edged downwards again today compared to last Friday, Moneyfacts found.

Following TMW’s latest reprice, it will be offering buy-to-let mortgage switchers a five-year fixed at 4.44% with a £1,495 fee, available up to 65% LTV, reduced by 15bps.

It will also offer two-year at 4.89% with no fee, available up to 65% LTV, reduced by 10bps.

For limited company buy-to-let borrowers it will offer a two-year fixed at 5.74% with no fee, available up to 75% LTV, reduced by 20bps.

The Mortgage Works head of buy-to-let Dan Clinton says: “As one of the UK’s leading buy-to-let lenders, we offer landlords a broad range of options to meet their varying needs.

“These latest rate reductions underline our ongoing commitment to supporting existing landlord customers who are coming to the end of their current deal.”

Leeds Building Society also emailed brokers today to give them notice that it will be cutting rates on a number of products on Monday.

Principality will be trimming prices by up to 11bps on the same day, including on some residential, buy-to-let and holiday let products.