The Mortgage Works reduces BTL mortgage rates

The Mortgage Works (TMW) will be reducing rates by up to 0.75% across its buy-to-let, let-to-buy and large portfolio range for new business products from tomorrow, Tuesday 10 October.

The reductions to new business products for buy-to-let include a 5-year fixed at 4.84% with a 3% fee, available up to 55% loan-to-value (LTV).

Additional rates include a 5-year fixed at 4.89% with a 3% fee, available up to 65% LTV, as well as a 5-year fixed at 5.14% with a 3% fee, available up to 75% LTV.

Dan Clinton, head of specialist lending at The Mortgage Works, said: “These rate reductions will improve our competitive position and showcase our continued commitment and support for landlords.

“We know these reductions will be welcomed by buy-to-let investors as we work to support them with their cashflow and affordability.” 


Darryl Dhoffer, mortgage expert at The Mortgage Expert:

“The Mortgage Works are definitely moving in the right direction with these deals. They will provide some relief for landlords. Yes, it might be too little too late for some landlords who have exited the market, but it could pave the way for aspiring landlords waiting in the wings, and help those who are still operating.”

Justin Moy, managing director at EHF Mortgages:

“Great to see further cuts on their buy-to-let mortgage deals. This move will help some landlords afford to keep properties they may have been planning to sell as a result of recent high rates. Lenders driving the cost of borrowing down should encourage the rest of the market to follow suit, and hopefully soon. A potential lifeline for the UK’s beleaguered landlord community.”

Gary Bush, financial adviser at

“Buy-to-let mortgage rates sub-5% from a division of Nationwide Building Society is fantastic news obviously, especially with drops as significant as this. More are now likely, as the lender rate war rolls on.”

Riz Malik, founder & director at R3 Mortgages:

“TMW has set the bar here but I do not think many will follow anytime soon. We need lenders to be as committed to the buy-to-let sector as they are to the residential market and offer fair treatment to existing customers as well as new ones.”

Steven Hargreaves, mortgage and protection adviser at The Mortgage Co:

“Again, more proof, if it were needed, about the rate war and lenders cutting their margins to secure their share of the autumn mortgage market. The headline rates look good, but the fees are a bitter pill to swallow.”

Anil Mistry, director and mortgage broker at RNR Mortgage Solutions:

“This is great news for newcomers at TMW, but TMW also needs to look after their current borrowers. Most of their recent updates have been about lowering rates for new customers. However, since October 2022, remortgaging has become more challenging due to stricter stress tests. Many borrowers have no choice but to stick with their current lender, and TMW needs to pay more attention to this situation and reduce rates for existing customers.”

Nick Mendes, mortgage technical manager at John Charcol:

“Further rate reductions from TMW, which have an attraction 3% arrangement fee compared to some of the higher sourcing products that carry a 5% arrangement fee.”