The Mortgage Works (TMW) is reducing rates on two-year fixed and tracker buy-to-let rates with a £1,995 fee by up to 0.20 basis points (bps).

Rates for the existing two-year fixed rate products with a £1,995 fee have been reduced by up to 0.20bps and start at 1.89%, while the two-year tracker with a £1,995 fee starts at 1.84%.

Meanwhile, existing five-year fixed rates with a £1,995 fee have been reduced by up to 0.15 bps and now start at 2.64%. New five-year fixed rate products with a £1,995 fee and free standard valuation and legals or cashback option have also been introduced to expand the range, with rates starting from 2.74%.

In addition, the cap restricting free standard valuations to those taking out loans on properties valued at £500,000 or less will be removed.

Paul Wootton, managing director of TMW, said: “TMW is looking to widen options for landlords, particularly those looking for lower rates but with a higher upfront fee, across its product range of fixed rate and tracker mortgages for two-year and five-year terms.

“In addition, we have also sought to reduce additional upfront costs for those seeking larger loans by removing the property value cap on free valuation products. This will help support landlords to plan and balance their costs and maintain a positive cashflow.”

Existing mortgage customer switcher rates have also been reduced by up to 0.20 bps.