The Mortgage Works (TMW) is reducing rates on selected switcher mortgages by up to 0.2 percentage points.
The cuts, which take effect from tomorrow, mean that switcher rates for existing BTL borrowers will now start from 3.89%.
At 3.89%, a two-year fixed with a 3% fee is available up to 65% loan to value (LTV), reduced by 0.1%.
For borrowers looking for a three-year fixed rate, they can now access a 3.99% rate with a 3% fee, available up to 65% LTV, reduced by 0.15%.
A five-year fixed at 4.24% with a £3,995 fee is available up to 65% LTV, reduced by 0.2%.
Joe Avarne, senior manager of BTL mortgages at TMW, said: “We are continually looking to support our existing landlords. These latest reductions will provide some welcomed relief by lowering repayments and supporting their cash flow.”
Accord, Barclays and Santander have all made cuts to BTL mortgages this month. Santander is also the first of the top five lenders to launch a one-year fixed rate BTL mortgage to offer landlords more flexibility should mortgage rates fall in the near future.
The Bank of England next meets on 1 August to discuss whether to hold, increase or decrease the base rate from 5.25%, where it’s been held for seven consecutive months.
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.
