The Mortgage Works (TMW) is launching its lowest ever five-year fixed rate buy-to-let mortgage deal.

It will be the first sub 2% five-year fixed rate mortgage the specialist buy-to-let arm of Nationwide Building Society has ever offered.

It starts at  1.99% for the 50% loan to value (LTV) with a £1995 fee. Rates for the zero fee 50% LTV option start at 2.39%.

In addition, there are selected rate reductions across the buy to let range of 0.15 percentage points, as well as new fee free two-year fixed rate product options starting at 2.14%.

There are also changes to rates for those existing customers looking to switch products, with fixed rates now starting at 1.99%.

Paul Wootton, managing director of TMW, said: “TMW is offering landlords a range of new buy-to-let deals with competitive rates in the market, including our lowest ever five-year fixed rate product. The aim is to help landlords to manage ongoing costs and offer a wider choice of options.

“This is particularly important in an environment where managing cashflow and costs has become increasing significant for both portfolio and smaller scale landlords.”