TMW, Coventry and Leeds Building Society drop BTL mortgage rates

More buy to let (BTL) lenders are cutting rates again as competition intensifies in the mortgage market, with several big names unveiling reductions for landlords seeking new deals or remortgages.

The Mortgage Works (TMW) is trimming rates across its new business and switcher ranges by up to 0.30 percentage points.

The changes include new products starting from 2.64%.

Among the headline offers is a two-year fixed rate at 2.64% with a 3% fee, available up to 65% loan-to-value (LTV) for both purchase and remortgage.

A five-year fixed deal for remortgage only is priced at 4.27% with a £1,495 fee, available up to 75% LTV, and includes free valuation and legal services.

TMW has also sharpened its HMO products, cutting the two-year fixed rate to 4.09% at 75% LTV, marking a reduction of 0.30%.

Existing customers switching deals will see similar savings, including a two-year fix at 3.89% with a £1,495 fee, down 0.10%.

TMW’s senior manager, Joe Avarne, said: “These latest reductions make us one of the most competitive providers of buy-to-let mortgages in the sector.”

Coventry Building Society lowers rates

Coventry for intermediaries has joined the rate-dropping move, launching new products and cutting rates across its range.

Among the new deals is a five-year fixed rate at 5.09% until 31 May 2031, available up to 75% LTV for limited company landlords with no fee attached.

The lender’s head of intermediary relationships, Jonathan Stinton, said: “Lower pricing not only gives brokers more competitive options to present to clients but also helps rebuild confidence among borrowers who’ve been waiting for the right moment to act.”

Leeds BS wins plaudits

Meanwhile, Leeds Building Society has made Moneyfactscompare.co.uk’s ‘Pick of the Week’ for its revised buy to let range.

The lender has cut selected fixed rates by up to 0.20%, with one standout product now at 4.03% on a two-year fix up to 60% LTV, available until 29 February 2028.

The deal carries a £999 product fee, which includes a free valuation for all borrowers, and offers help with costs for remortgage customers.

Leeds also allows overpayments, with lending available across England, Wales, mainland Scotland and Northern Ireland.

Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: “Leeds BS has reduced a small selection of its buy to let fixed rates by up to 0.20%.

“One deal to see a slightly smaller 0.11% cut is the two-year fixed rate deal at 60% loan-to-value and is now priced at 4.03% until 29 February 2028.

“The reduction in rate plus its incentive package earns this deal an Outstanding Moneyfacts product rating.”

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