The Mortgage Works, a specialist in buy-to-let lending, has just cut their rates, meaning you could save on your mortgage payments.

Let’s break down what’s new:

Rates Starting From 3.69%

You can now snag a buy-to-let mortgage with The Mortgage Works starting at 3.69%. This is a 2-year fixed rate for individual landlords, and it’s available up to 65% loan-to-value (LTV).

The Fine Print – Fees

While the rates are looking good, there’s a catch – a 3% fee on most of these deals. This means you’ll need to factor that extra cost into your calculations.

Here’s a quick rundown of the new rates:

• 2-year fixed: 3.69% (up to 65% LTV) with a 3% fee
• 5-year fixed: 4.04% (up to 65% LTV) with a 3% fee
• 5-year fixed switcher: 4.14% (up to 75% LTV) with a 3% fee

Limited Company Landlords

If you’re a limited company, you’ll find slightly higher rates:

• 2-year fixed: 4.99% (up to 75% LTV) with a 3% fee
• 2-year fixed: 5.69% (up to 75% LTV) with a £3,995 fee
• 2-year fixed switcher: 6.49% (up to 75% LTV) with a 3% fee

Joe Avarne, from The Mortgage Works, said these rates are “some of the most competitive in the sector”. He believes the new deals will make buying a buy-to-let property more affordable for landlords.