The Mortgage Works is cutting selected buy-to-let mortgagebuy-to-let mortgage rates again from today, with its biggest reduction taking 26 basis points off a limited company product as lender competition continues to build in the landlord market.
The latest move affects selected two-, three- and five-year products for new and existing customers. Among the headline changes, TMW’s limited company two-year fixed for purchase, remortgage and further advance drops by 0.26 percentage points to 4.98% at up to 75% loan to value, while some two-year landlord products at up to 65% LTV move down to 3.49%.
For landlords, the repricing matters because it shows competition is no longer limited to specialist fringe lenders. Mainstream and large intermediary brands are still nudging rates lower as remortgage business stays valuable, even though average borrowing costs remain well above the ultra-cheap era landlords remember.
TMW widens pressure on buy-to-let pricing
The Mortgage Works said the cuts apply across parts of its buy-to-let and limited company buy-to-let range. Its remortgage-only two-year fixed with free valuation and legal work falls to 3.49% with a 3% fee at up to 65% LTV, while an existing customer switcher at the same LTV also moves to 3.49%.
Keir Fraser, lead manager at The Mortgage Works, said the lender was making further cuts as part of its ongoing support for individual and limited company landlords.
The significance is not just the headline rate. The sharper limited company cut suggests lenders still see incorporated landlords as a core growth segment, especially where refinancing demand remains active.
This follows Residential Landlord’s earlier report on NatWest cutting buy-to-let rates as high street lenders rejoined the repricing cycle. Residential Landlord has also tracked lender competition through recent changes in standard buy-to-let criteria, and the latest TMW move suggests pricing pressure is still spreading.
Landlords can compare the current range through The Mortgage Works’ buy-to-let mortgage rates page.
Landlords still need to look beyond the headline rate
Even with more cuts coming through, the cheapest products still tend to carry chunky fees, tighter LTV limits or narrower borrower criteria. That means landlords refinancing this summer may find the best-looking rate is not always the best-value deal once fees and loan size are taken into account.
There is also a wider market point here. Repricing has improved borrower choice, but it has not erased the gap between today’s funding costs and the low-rate years many portfolio models were built around. Landlords with short remaining fixes or weaker interest cover will still face higher debt costs than they were used to.
At the same time, lenders cutting rates in steps rather than in one sweep suggests they are still testing demand and margin. That should encourage borrowers to move carefully rather than assume rates will keep falling in a straight line.
Opinion
TMW’s latest cut is good news, but it is not a return to easy money. The smarter landlord response is to treat every repricing round as a chance to improve resilience, not as proof that the financing squeeze has gone away. In this market, product detail matters at least as much as the headline percentage.
