The Mortgage Works (TMW) has reduced rates on its two, three and five year buy to let fixes by up to 0.35%, as well as introducing new options for landlords on two and five-year deals.
The latest buy to let mortgage rates from the lender now include a new range of two year fixed rate mortgages at 1.79% available at 65% and 75% loan to value (LTV), which is the lowest headline rate ever offered by the lender. New five year fixed rates have also been released at 2.79%, with existing five year fixes cut by 0.1%. These come with a flat-fee option of £1,995 and £995 respectively, all with a 2% fee.
TMW is not the only lender to be cutting rates on its buy to let range in wake of the Brexit vote, however, as the likes of Together have also reduced rates by up to 0.65%, in a bid to support landlords who have found themselves in the firing line over the past few months.
Leeds Building Society has also now changed its criteria for buy to let mortgages; removing its maximum tenancy period and accepting the sale of property as a repayment method for capital and interest mortgages.
Elsewhere in the market, a number of lenders have been turning their efforts to first time buyers who are trying to enter the market. Aldermore has now reduced rates by more than 1%, replacing its existing two-year fixed product with a rate of 4.98%, which is available up to 95% LTV with a £999 product fee.
Almost 80,000 mortgages have now been completed with the support of these schemes, helping first time buyers who are struggling to raise a deposit as house prices continue to rise.