The Mortgage Works cuts buy-to-let rates for a second time in a week

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The Mortgage Works will reduce rates by up to 0.20% across parts of its new business buy-to-let mortgage range from Saturday 24 January.

The latest reductions apply to selected one-year, two-year and five-year fixed rate products for purchase and remortgage, and mark the second round of cuts announced by the lender in the space of a week.

Following the changes, The Mortgage Works’ lowest buy-to-let rate will stand at 2.29%.

The move follows an earlier reduction of up to 0.15% introduced last Saturday, as the lender continues to reprice its buy-to-let offering.

From tomorrow, the revised range will include a one-year fixed rate buy-to-let mortgage for purchase and remortgage at 2.29%, reduced by 0.20%, with a 2% fee and available up to 75% loan-to-value.

A two-year fixed rate for purchase and remortgage will be priced at 2.49%, following a 0.10% cut, with a 3% fee and available up to 65% loan-to-value.

For remortgage only, a two-year fixed rate buy-to-let product will be available at 2.84%, reduced by 0.03%, with a 3% fee and up to 75% loan-to-value, including a free valuation and free legal package.

The five-year fixed rate remortgage option will be priced at 3.57%, following a 0.10% reduction, with a 3% fee, up to 75% loan-to-value, and also includes free valuation and free legal.

Keir Fraser, lead manager at The Mortgage Works, said: “This second round of rate cuts further demonstrates our commitment to supporting landlords with products that put The Mortgage Works at the forefront of the buy-to-let market.”

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