The Mortgage Works has lowered rates on selected two- and five-year fixed rate products across its mortgage range.

The lender’s limited company buy-to-let (BTL) products will be reduced by up to 0.25%, while BTL and let-to-buy products will be cut by as much as 0.20%.

The new reduced rates include the BTL two-year fixed rate (purchase and remortgage) at 3.14% with a 3% fee, available up to 65% LTV and the BTL five-year fixed rate (purchase and remortgage) at 4.34% with a £1,495 fee, available up to 75% LTV, which have both been reduced by 0.10%.

In addition, limited company BTL five-year fixed rate (purchase and remortgage) at 5.34% with a £1,495 fee, available up to 75% LTV has been cut by 0.25% with a free valuation.

The Mortgage Works has also introduced a range of five-year fixed rate BTL products for limited company landlords looking to remortgage, all of which will come with free valuation and £750 cashback.

The new products include a five-year fixed rate (remortgage only) at 4.99% with a 3% fee, available up to 75% LTV and a five-year fixed rate (remortgage only) at 5.29% with a £3,995 fee, available up to 75% LTV.

It has also launched a five-year fixed rate (remortgage only) at 5.69% with no fee, available up to 75% LTV.

The Mortgage Works senior manager Joe Avarne says: “These latest rate cuts across our mortgage range should come as great news for landlords and will position The Mortgage Works as one of the most competitive lenders in the market.”

“The introduction of our limited company cashback range also shows how we continue to innovate and enhance our product range to ensure we meet the needs of landlords. We know that the £750 cashback will be a welcome benefit for customers remortgaging to The Mortgage Works.”

Elsewhere, Vernon Building Society has enhanced its discounted variable rate mortgage offering to allow borrowers to make capital repayments of up to 25% per year without incurring any early repayment charges (ERCs).

The minimum loan size is £100,000, reduced to £50,000 for properties in Greater Manchester and Cheshire, where the mutual is based.

Vernon Building Society head of mortgage and savings distribution Brendan Crowshaw comments: “Discounted variable rate mortgages are often overlooked in favour of fixed rate deals, but they can offer real value, particularly in an environment where interest rates are expected to fall.”

“Our 25% capital repayment allowance, without penalty, is very competitive and designed to help customers take greater control of their mortgage.” Meanwhile, Virgin Money has reduced fixed rates on exclusive purchase, purchase, exclusive remortgage and BTL.

In the exclusive purchase range, Virgin has reduced 75% LTV £1m+ two- and five-year fixed rates by up to 0.15%, now with a free valuation.

The lender has also lowered rates on selected own new two- and five-year fixed rates by as much as 0.15%, also with a free valuation.

Purchase 65% to 90% LTV fixed rates will be reduced by up to 0.15% while 65% to 90% LTV Green fixed rates will go down by up to 0.15%.

In the lender’s BTL range, 80% LTV two- and five-year fixed rates with £1% fee will be reduced by 0.20%, starting from to 4.80%, while the 80% LTV five-year fixed rate with £995 fee will be lowered by 0.20%, to 4.89%.

Virgin Money has also withdrawn its product transfer 65%, 75% and 85% LTV flexible tracker rates with a fee of £995.