The Mortgage Works will cut rates across selected buy-to-let and HMO products from Wednesday, with reductions of up to 20bps for existing customers.

The lender said the changes would apply across its buy-to-let and houses in multiple occupation ranges for existing customers.

Selected two-year and five-year fixed rates up to 75% loan-to-value for new customers will also be reduced by up to 10bps across its limited company buy-to-let range.

For existing customers, the cuts include a two-year fixed buy-to-let mortgage at 3.59%, reduced by 20bps, with a 3% fee and available up to 65% LTV.

A two-year fixed buy-to-let mortgage at 4.77%, reduced by 12bps, will be available up to 65% LTV with a £1,495 fee.

The Mortgage Works will also offer a five-year fixed buy-to-let mortgage at 4.92%, reduced by 7bps, with no fee and available up to 65% LTV.

For new business, the lender is cutting its two-year fixed limited company buy-to-let mortgage to 4.49%, down 10bps, with a 3% fee and available up to 75% LTV with free valuation.

The product is available for purchase, remortgage and further advance.

A five-year fixed limited company buy-to-let mortgage will also be reduced by 10bps to 4.99%, with a 3% fee, up to 75% LTV and free valuation. It is also available for purchase, remortgage and further advance.

Keir Fraser, lead manager at The Mortgage Works, said: “These changes reflect our focus on supporting our ongoing relationship with landlord customers as they reach the end of their current deal, with options that will better support their cash flow.

“They also reinforce our continued commitment to landlords who choose to operate through a limited company structure.”