The Mortgage Works has announced reductions of up to 0.25 percentage points on selected buy-to-let mortgage rates for limited company and HMO landlords.

Effective from today, the changes apply to a range of switcher products, with the most significant cuts seen on no-fee fixed rate options.

The lender’s five-year fixed rate with no fee, available up to 75% loan-to-value, is dropping from 5.44% to 5.19%.

Its two-year no-fee equivalent is also being reduced by 0.25 percentage points to 5.54%.

A smaller adjustment is being made to its two-year fixed rate with a 3% fee, which is falling by 0.10 percentage points to 3.94%, also at 75% LTV.

Joe Avarne, senior manager at The Mortgage Works, said: “We are continually looking to provide our existing landlords with competitive rates and are pleased to offer these latest reductions.”