The Mortgage Works (TMW) has cut new mortgage rates by up to 0.85 percentage points on its buy-to-let two-year products at up to 75% loan to value (LTV).

Fixed and tracker 2 year products with a 2.50% fee have been reduced by 0.50 percentage points to 2.49% and 2.24% respectively.

Flat fee products have also been reduced by up to 0.85 percentage points, with rates starting from 2.79%. A new £0 fee product has been introduced, with a rate of 3.69%.

TMW remortgage and Let to Buy two-year products at up to 75% LTV have been reduced by up to 0.95 percentage points, with headline rates now starting from 2.89%.

The lender, which is part of the Nationwide group, says the move will enable landlords with smaller deposits to access more competitive fixed rate and tracker deals, and gives TMW amongst the lowest headline rates in the market.

Switcher rates for existing customers have been cut by up to up to 0.20 percentage points, and a £995 fee two-year tracker and a £1995 fixed rate product have been introduced.

The new full range of rates is available to both first time and experienced landlords through intermediaries.

Paul Wootton, TMW’s head of specialist mortgages, said: “This new range of buy-to-let fixed rate and tracker mortgages will provide landlords with a wider choice of products and competitive rates.

“In addition, the changes continue to demonstrate TMW’s commitment to our customers and intermediaries, by providing competitive mortgage options for landlords who are looking to maximise their cashflow and those wishing to minimise upfront costs.

“There are also new deals for those looking to rent out their existing residential property using a TMW Let to Buy mortgage, which Nationwide customers can co-ordinate with their residential mortgage application.”