The Mortgage Works will introduce new two-year tracker products to its buy-to-let (BTL) range and will cut rates on selected two-, three- and five-year fixed rate products for new and existing customers.

New products include a two-year tracker BTL product (purchase and remortgage with a free valuation) up to 65% loan-to-value (LTV) with a 1% fee at 4.19% and a two-year tracker BTL product (remortgage only with free valuation and free legals) up to 65% LTV with a 1% fee at 4.29%.

The lender will also add a two-year tracker BTL product (existing customer switcher) up to 65% LTV with a 1% fee at 4.19%.

The Mortgage Works will also lower rates by up to 0.15%.

Reductions will include the five-year fixed rate (purchase and remortgage) BTL mortgage, which will be cut by 0.15% to 4.39% with a 3% fee, available up to 75% LTV as well as the five-year fixed rate (purchase and remortgage) BTL mortgage, which will be trimmed by 0.10% to 4.97% with no fee, available up to 65% LTV.

Other cuts include the five-year fixed rate (existing customer switcher) BTL mortgage, which will be reduced by 0.05% to 4.29% with a 3% fee, available up to 65% LTV and the two-year fixed rate (existing customer switcher) BTL mortgage, which will be lowered by 0.13% to 5.27% with no fee, available up to 75% LTV.

The Mortgage Works lead manager Keir Fraser says: “These latest cuts across our buy-to-let range are a welcome boost for landlords, especially at a time when cost pressures continue to remain front of mind.”

“We also want to ensure landlords have choice and flexibility when they are financing their properties, which is why we’ve introduced a variety of new tracker product options. All our tracker products come with a ‘switch to fixed’ option, which allows for customers to change to a fixed deal at any time, with no early repayment charge, offering security and flexibility.”