The Mortgage Works (TMW) has reduced rates on selected two-year tracker products by up to 0.30% and five-year fixed mortgage rates by up to 0.15 percentage points.

A new five-year fixed rate HMO product range is also being introduced, starting at 3.69%, while the existing two-year fixed rate product with £1,995 fee is being reduced by 0.15 percentage points to 2.99%.

The two-year buy-to-let tracker mortgage products up to 65% LTV with a £1,995 fee has been reduced by 0.30 percentage points and start at 1.39%, while the two-year tracker with a 2% fee has been reduced by 0.20 percentage points to 1.39%.

Rates for the five-year fixed rate mortgage product up to 65% LTV with no fee has been reduced by 0.10 percentage points to 2.89%, whilst the product up to 75% LTV with £1,995 fee has been reduced by 0.15 percentage points to 2.89% .

Paul Wootton, managing director of TMW, said: “TMW is looking to increase the competitiveness of its tracker mortgage rates as well as selected fixed rates, and will now be offering some of the lowest rates in the buy-to-let market.

“Our tracker products will continue to offer a switch to fix feature, meaning that landlords can switch to a fixed rate product at any time during the initial two-year deal period.

“Extending the range for HMO landlords by introducing a five-year fixed option will also allow us to offer a wider choice of products and continue to support landlords in their choices.”