The Mortgage Works is reducing the cost of its five-year fixed rate buy-to-let mortgages by up to 0.5%.

New five-year products offered by the buy-to-let specialist, part of the Nationwide Building Society, start from 2.09% for those looking to borrow up to 65% LTV.

The lender’s new 75% LTV deals have been reduced by 0.15%, and now start from 2.54%, while its 50% LTV range has dropped slight by 0.05%, with rates now starting at 2.39%.

In addition, TMW has launched a new range of two-year fixed rate products with 1% fee and fee-free options, specifically for customers taking a Further Advance. These new products come with a free standard valuation.

TMW’s Managing director, Paul Wootton, said: “The new, reduced rates on our five-year fixed rate deals will mean TMW continues to have one of the most competitive options on the market for landlords.

“We always look to balance costs and flexibility so that our customers have choice, with these new products offering competitive rates for landlords looking for longer term payment security.”