The Mortgage Works is cutting buy-to-let rates by up to 22 basis points from 5 June, while Leek Building Society has added a new five-year fixed landlord mortgage at 5.3%.
The latest moves mean landlord repricing has continued into June, with TMW trimming one-, two- and five-year products for both individual and limited company borrowers and Leek pitching longer-term payment certainty for smaller portfolio landlords.
For landlords, the immediate point is not that finance has suddenly become cheap. It is that lenders are still adjusting pricing and product mix quickly, which gives active borrowers more room to compare than the wider interest-rate backdrop might suggest.
TMW reprices again as Leek targets stability
According to the latest lender update, TMW’s reductions include a five-year remortgage product at 65% loan to value cut to 4.22%, while some limited company deals at 75% LTV have also been reduced. Mortgage Solutions said this was TMW’s third round of cuts in the past month.
Keir Fraser, lead manager at The Mortgage Works, said the latest reductions reinforced the lender’s commitment to both individual and limited company landlords.
Leek, meanwhile, has launched a five-year fixed rate at 5.3% up to 75% LTV with a £995 fee for landlords with up to two other rental properties. That is a narrower target market, but it shows some smaller mutuals still see room to win landlord business by offering certainty rather than headline aggression.
This follows Residential Landlord’s latest report on specialist lender competition and earlier coverage of Fleet and Paragon repricing. The latest changes suggest the market is still moving lender by lender rather than through one broad reset.
TMW’s repricing notice is on The Mortgage Works’ intermediary news page.
Landlords still need to look past the headline rate
The danger in a market like this is focusing only on the lowest number. Fees, free legals, valuation incentives, stress rates and limited company criteria still shape whether a deal is genuinely competitive. A cut can help, but it does not automatically make a product the best option once the full costs are added up.
There is also a split opening up between lenders chasing more professional borrowers and those still willing to cater for smaller landlords. TMW remains a major player for mainstream and incorporated cases. Leek is taking a more selective line by targeting borrowers with modest portfolios who want certainty.
That matters because the landlord market is no longer moving as one block. Product choice is widening, but often in segments. Borrowers who match the lender’s preferred profile may now find better terms. Those outside it may still face a thinner market.
Opinion
The steady run of lender updates is telling landlords something simple: do not assume yesterday’s pricing is still the market. TMW’s latest move keeps pressure on rivals, but it also shows how fragmented the market has become. Good borrowers still have options, but only if they shop carefully.
