The Mortgage Works is to launch a number of new buy-to-let products and reduce its existing range of two-year fixed and tracker products by up to 0.4 per cent.
The new products include a two-year tracker at base rate plus 2.49 per cent up to 65 per cent loan-to-value and a two-year tracker at base rate plus 2.79 per cent available up to 75 per cent LTV. Both products are available for a 3.5 per cent arrangement fee.
The lender is also launching a new 18-month fixed rate at 4.29 per cent, available up to 75 per cent LTV and for a 2.5 per cent arrangement fee.
It is offering borrowers who take out a tracker product the ability to switch to a fixed rate product without paying an early repayment charge.
Head of mortgage products management and pricing Tracie Pearce says: “The rate improvements are great news for landlords looking for a new buy-to-let deal.
“We are also allowing even more customers who take out new buy-to-let trackers to switch to a fixed rate at a later date. Extending this feature may particularly suit those who want to take advantage of the low base rate environment now and retain the ability to switch to a fixed rate if the base rate starts to rise.”