Shawbrook and The Mortgage Lender have cut selected buy-to-let pricing, with Shawbrook trimming specialist rates by up to 25 basis points and TML launching a limited-edition five-year fixed range from 4.74 percent.
The changes were disclosed on Wednesday as lenders continued to rework pricing for landlords after a choppy spring. TML said its new five-year fix would be available with 2 percent and 5 percent completion fee options, while Shawbrook said rates for single lets now start from 4.84 percent and HMO and multi-unit block products from 4.89 percent.
For landlords, the immediate question is not just whether rates are falling, but where funding is loosening first. These moves point to stronger competition in specialist lending – especially for investors borrowing against HMOs, larger portfolios and more complex property types.
Specialist buy-to-let pricing shifts again
TML said it had also reduced selected two- and five-year fixed rates by up to 15 basis points, with five-year fixed HMO pricing now starting from 5.06 percent. Alongside the repricing, it has made changes to its multi-loan proposition and removed a £150 application fee across expat products.
Shawbrook’s latest changes go further on headline cuts, with reductions of up to 25 basis points across its specialist buy-to-let range. The lender said single-let products between £150,000 and £2.5 million now start from 4.84 percent, while HMO and multi-unit freehold block lending for up to 10 units starts from 4.89 percent.
Daryl Norkett, director of real estate proposition at Shawbrook, said the latest enhancements were designed to give brokers more options for landlord clients through lower pricing, broader accessibility and added flexibility.
Landlords with complex cases may benefit first
The more interesting point for landlords is where the cuts are landing. This is not a broad market reset. It is concentrated in the specialist part of buy-to-let where landlords have felt the sharpest squeeze from stress testing, fees and narrower product availability.
That means professional landlords, HMO owners and borrowers using more specialist structures could see the clearest benefit first, while simpler single-property cases still need to compare fees closely before assuming a lower rate means a better overall deal.
This follows Landlord Knowledge’s latest coverage of Keystone’s rate cuts, which showed lenders were still edging pricing down in pockets rather than across the whole market. The new Shawbrook and TML changes add to that pattern rather than overturn it.
Landlords also need to weigh these offers against wider cost pressure. Landlord Knowledge recently reported that smaller investors are still facing heavy compliance and financing costs, which means a lower pay rate does not automatically restore margins.
Shawbrook’s current buy-to-let mortgage range sets out the lender’s specialist proposition for landlords and property investors.
Why the timing matters now
The repricing comes as lenders try to rebuild momentum before summer without committing to an aggressive market-wide rate war. That is useful for landlords who need options, but it also means the best-looking deals may remain tightly targeted and liable to move.
There is also a practical warning here. Completion fees remain a major part of the calculation on specialist products, particularly on lower headline rates. A deal that looks cheaper at first glance may not come out ahead once fees, valuation terms and early repayment structure are taken into account.
What this means for landlords
- If you own HMOs or multi-unit blocks: specialist pricing is loosening slightly, so it is worth rechecking deals rather than relying on quotes from earlier in spring.
- If you are remortgaging a portfolio: compare fee structures as closely as pay rates, especially on five-year fixes.
- Watch for: more targeted cuts from specialist lenders rather than a broad fall across the whole buy-to-let market.
- If you are an expat landlord: TML’s fee removal may be as important as its headline pricing.
- Bottom line: funding is improving at the margins, but landlords still need to read beyond the headline rate.
Editor’s view
This is the kind of lender movement landlords should watch closely – not because it changes the whole market overnight, but because it shows where competition is returning first. The specialist end is stirring again, and that is where many serious investors need relief most.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 29 May 2026
Sources: Shawbrook buy-to-let mortgages, The Mortgage Lender
Related reading: Keystone cuts buy-to-let rates by 0.15 points
