The Mortgage Works has announced it will cut selected two and five-year fixed rate products across its mortgage range for new and existing customers, effective tomorrow (18 September).

Limited company buy-to-let (BTL) and BTL products will see reductions of up to 0.15%.

Limited company BTL reduced rates include a two-year fixed rate (purchase, remortgage and further advance) mortgage for new customers at 3.87%, which has been lowered by 0.12% and comes with a 3% fee, available up to 75% loan-to-value (LTV) with a free valuation.

It also includes the five-year fixed rate (purchase, remortgage and further advance) mortgage for new customers at 4.52%, which has been cut by 0.15% and comes with a 3% fee, available up to 75% LTV with a free valuation.

The five-year fixed rate switcher mortgage for existing customers has been reduced by 0.10% to 5.09% with no fee, available up to 75% LTV.

The BTL cuts include the two-year fixed rate (purchase and remortgage) mortgage for new customers, which has gone down by 0.05% to 2.74%. This comes with a 3% fee, available up to 65% LTV.

The Mortgage Works has also lowered the five-year fixed rate (purchase and remortgage) mortgage for new customers to 3.76% from 3.90% and comes with a 3% fee, available up to 75% LTV.

The two-year fixed rate switcher mortgage for existing customers has been reduced to 4.49%, a 0.05% cut. It has no fee and is available up to 65% LTV.

The Mortgage Works senior manager Joe Avarne says: “These reductions demonstrate our commitment to offering competitive rates, as we aim to ensure that The Mortgage Works continues to be front of mind for landlords.”