The Mortgage Works has lowered rates on buy-to-let (BTL), limited company BTL and let-to-buy mortgage ranges.

The cuts, effective tomorrow, include selected two and five-year fixed rate products and rates will start from 2.99%.

The lender’s BTL two-year fixed rate (purchase and remortgage) has been reduced by 0.15% to 2.99% with a 3% fee, available up to 65% loan-to-value (LTV).

It has also lowered the BTL five-year fixed rate (purchase and remortgage) by 0.10% to 3.74% with a 3% fee, available up to 65% LTV.

The limited company BTL five-year fixed rate (purchase and remortgage) has been cut by 0.10% to 4.84% with a 3% fee, available up to 75% LTV and comes with a free valuation.

Meanwhile the limited company BTL two-year fixed rate (purchase and remortgage) has been trimmed by 0.20% to 4.99% with a £3,995 fee, available up to 75% LTV and comes with a free valuation.

The Mortgage Works senior manager Joe Avarne says: “We are pleased to announce these latest changes and the introduction of our lowest headline rate for nearly three years will be welcome news for brokers and landlords alike.”