The Mortgage Works has cut rates by up to 0.20 percentage points across selected one, two and five-year fixed rate products for new and existing customers, while also introducing three new options to its buy-to-let range.

Across the new business range, reductions of up to 0.20 percentage points have been applied to selected buy-to-let, HMO and limited company products.

Among the changes is a two-year fixed rate buy-to-let mortgage, available for purchase and remortgage, now priced at 3.32% with a 3% fee at up to 65% loan-to-value.

A two-year fixed rate limited company buy-to-let product has been reduced to 4.34%, with a 3% fee and available up to 75% loan-to-value with a free valuation. Meanwhile, a two-year fixed rate limited company HMO product has been cut to 4.39%, also with a 3% fee at up to 75% loan-to-value.

The lender has also introduced a new one-year fixed rate buy-to-let product for purchase and remortgage at 4.34%, with a 1% fee and available up to 75% loan-to-value. A second one-year fixed rate remortgage-only product is available at 4.84% with a 1% fee, including free valuation and legal services.

In addition, a new two-year tracker product has been launched at 4.19%, with a 1% fee and free valuation, also available up to 75% loan-to-value.

For existing customers, selected two and five-year fixed rate HMO and limited company HMO products have been reduced by up to 0.20 percentage points, while selected buy-to-let and limited company buy-to-let products have seen reductions of up to 0.10 percentage points.

Keir Fraser, lead manager at The Mortgage Works, said: “These latest rate reductions and new products, including one year fixed and two year tracker options with a 1% fee, are designed to give landlords greater flexibility and choice in a changing market.

“All of our tracker products also include a switch to fix facility, allowing customers to move on to one of our existing customer fixed rates at any time without incurring early repayment charges.”