The Mortgage Works (TMW) has announced the reduction of specific two- and three-year fixed rate switcher products.

The cuts of up to 35 basis points take place on products aimed at buy-to-let (BTL) switchers and large portfolio BTL switchers.

The most significant is the 75% LTV three-year fix with 3% fee for BTL switchers, which has been cut from 4.69% to 4.34%.

Other changes include the 75% LTV two-year fix with £1,495 fee aimed at large portfolio borrowers, which has had 10 basis points chopped off to give a new price of 5.24%.

TMW director of landlord Dan Clinton says: “We are continually looking to support our existing landlords with competitive rates as they look to manage their cashflow in the challenging environment.”

The reductions take effect from Saturday 28 January.

Earlier this week, TMW cut BTL rates on its fixes by up to 50 basis points.