The Mortgage Works (TMW) has unveiled a new wave of buy-to-let rate reductions, including a sub-3% fixed rate for the first time in nearly three years, offering a boost to landlords and brokers amid intensifying competition in the mortgage market.
Key changes across its buy-to-let, limited company BTL, and let-to-buy ranges include cuts of up to 0.20 percentage points, with the headline two-year fixed rate for individual landlords reduced to 2.99%, available at up to 65% loan-to-value (LTV) for both purchase and remortgage.
“We are pleased to announce these latest changes,” said Joe Avarne, senior manager at The Mortgage Works. “The introduction of our lowest headline rate for nearly three years will be welcome news for brokers and landlords alike.”
Key rate changes:
BTL 2-year fixed (purchase/remortgage, up to 65% LTV): Reduced by 0.15% to 2.99% (3% fee)
BTL 5-year fixed (purchase/remortgage, up to 65% LTV): Reduced by 0.10% to 3.74% (3% fee)
Limited company BTL 5-year fixed (purchase/remortgage, up to 75% LTV): Reduced by 0.10% to 4.84% (3% fee, includes free valuation)
Limited company BTL 2-year fixed (purchase/remortgage, up to 75% LTV): Reduced by 0.20% to 4.99% (£3,995 fee, includes free valuation)
While the newly reduced rates are among the most competitive on the market, all come with significant fees — either a flat fee or a 3% product fee — meaning borrowers will need to weigh upfront costs against longer-term interest savings.
Still, the move marks a clear signal that TMW is doubling down on landlord lending as more lenders begin responding to falling interest rate expectations and increased demand from landlords seeking to refinance or expand their portfolios.
The announcement follows a series of similar rate reductions from major lenders such as Barclays, NatWest, and Suffolk Building Society, all trimming rates in response to an improving interest rate outlook and growing pressure to support the buy-to-let market.
With over 1.6 million landlords expected to see fixed-rate deals expire this year, TMW’s sub-3% rate is likely to attract strong attention from property investors looking to lock in lower borrowing costs in an uncertain economic environment.
