The Mortgage Works is reducing rates by up to 20 basis points (bps) on selected fixed rate products for both new and existing limited company buy-to-let customers.

The changes apply to products available up to 75% loan-to-value.

NEW BUSINESS RATES

For new limited company buy-to-let business, a two-year fixed rate for purchase, remortgage and further advance has been cut by 20bps to 3.74%. The product carries a 3% fee and is available up to 75% LTV with a free valuation.

A separate two-year fixed rate has been reduced by 15bps to 4.74%. This option comes with a £1,495 fee and is also available up to 75% LTV with a free valuation.

Within the five-year fixed range, a no-fee product has been lowered by 7bps to 4.97%, again available up to 75% LTV with a free valuation for purchase, remortgage and further advance.

EXISTING CUSTOMER SWITCHER RATES

For existing limited company borrowers looking to switch, a two-year fixed rate with a 3% fee has been reduced by 5bps to 3.74%, available up to 75% LTV.

A no-fee two-year fixed rate has been cut by 15bps to 5.29%, also up to 75% LTV.

Meanwhile, a five-year fixed rate with a £1,495 fee has been reduced by 5bps to 4.79%, available up to 75% LTV.

Keir Fraser, lead manager at The Mortgage Works, said: “The Mortgage Works has been supporting the limited company buy-to-let market since 2018.”

He added: “We’re delighted to be making these latest rate cuts as we continue to focus on offering limited company landlords a competitive range of products.”