Specialist lenders cut buy to let rates yet again

The Mortgage Works (TMW) has reduced rates by up to 0.45 percentage points across its product range, with rates starting from 3.49%.

The new rates include Two-year fixed rate (purchase and remortgage) buy-to-let at 3.49% with a 3% fee, available up to 65% LTV (reduced by 0.05%); and Five-year fixed rate (purchase and remortgage) limited company buy-to-let at 4.59% with a 5% fee, available up to 70% LTV (reduced by 0.25%).\

There’s also the Five-year fixed rate (purchase and remortgage) limited company buy-to-let at 4.99% with a 3% fee, available up to 75% LTV (reduced by 0.30%), and the Two-year fixed rate (purchase and remortgage) limited company houses in multiple occupation (HMO) at 4.94% with a 3% fee, available up to 75% LTV (reduced by 0.45%).

Joe Avarne, Senior Manager, Buy-to-Let Mortgages at The Mortgage Works, says: “We are pleased to announce more rate cuts as it further demonstrates our ongoing commitment to brokers and landlords. These latest reductions make us one of the most competitive buy-to-let mortgage lenders in the sector with rates now starting from 3.49%.”

Meanwhile Landbay has cut rates by up to 20 basis points on some mortgage products - just days after larger reductions of other products last week.

The latest cuts are to its standard five-year fixed and small HMO and multi-unit freehold block (MUFB) deals.  

It’s cut rates by up to 20bps on standard five-year fixed rate products up to 75% LTV which now begin from 4.34%. It’s  also cut rates on 12 deals in its small HMO and MUFB range, including both two and five-year fixes by up to 10 bps. These now start from 4.19% for a two-year fixed up to 75% LTV and from 5.09% for a five-year fixed at the same LTV.

A Landbay spokesperson says: “Following the positive news of a first cut to the base rate since the start of the pandemic, we’re really pleased to be able to respond with a fresh round of rate reductions.

“Even in the current market, five-year fixes are still incredibly popular, while good quality HMOs continue to be in high demand and provide the necessary yields many landlords require.

“While we still cannot predict the path of the base rate or mortgage rates, we can be certain that there are still plenty of opportunities in the buy to let sector and lenders like us that are ready and willing to support both brokers and landlords.”