The Mortgage Works has launched new two-year buy-to-let tracker products and cut selected fixed rates by up to 0.15 percentage points, adding fresh choice for landlords as specialist lenders keep repricing into late May.
The new tracker range includes purchase and remortgage products priced from 4.19 percent up to 65 percent loan-to-value, alongside a remortgage-only tracker at 4.29 percent and an existing customer switcher at 4.19 percent. At the same time, TMW has reduced selected two-, three- and five-year fixed rates across its buy-to-let and let-to-buy products.
That matters now because landlords are starting to see more variety in mortgage structure, not just marginal rate cuts. After months dominated by fixed-rate repricing, the return of fresh tracker options gives investors another route to weigh if they expect base-rate pressure to ease later this year.
Trackers return to the buy-to-let conversation
TMW said its new purchase and remortgage tracker comes with a free valuation and is priced at 4.19 percent. A remortgage-only version, which adds free legal work, is available at 4.29 percent, while an existing customer switcher is also priced at 4.19 percent.
The lender has also cut selected fixed rates by up to 0.15 percentage points. Among the updated products is a five-year fixed purchase and remortgage deal up to 75 percent loan-to-value, reduced to 4.39 percent with a 3 percent fee, and a no-fee five-year fix up to 65 percent loan-to-value cut to 4.97 percent.
Keir Fraser, lead manager at The Mortgage Works, said the latest cuts would be a welcome boost for landlords at a time when cost pressures remain front of mind.
Rate choice is widening, but so is the decision
The return of trackers changes the calculation for landlords who have spent much of the past year defaulting to fixed rates for safety. If borrowers believe future rate cuts remain possible, a tracker may offer a cheaper way to bridge the next phase of the market without locking in for five years.
That does not make trackers the automatic winner. Landlords still need to price in payment volatility, especially where margins are already tight or rent rises are no longer easy to push through. For some, certainty will still justify paying more for a fixed deal.
This follows Landlord Knowledge’s earlier coverage of TMW adding one-year fixes, which suggested the lender was already testing product flexibility rather than relying on standard repricing alone. The new tracker launch goes a step further by widening the menu for landlords prepared to take a view on rate direction.
Landlords comparing tracker and fixed options should also read the market alongside other recent lender moves. Landlord Knowledge has reported on fresh specialist rate cuts elsewhere in the buy-to-let sector, reinforcing the point that mortgage choice is improving even if finance is not suddenly cheap.
TMW’s current buy-to-let mortgage rates page sets out its latest tracker and fixed-rate options for landlords.
Why this matters for summer remortgages
The timing is useful for landlords coming up against summer remortgage deadlines. A tracker can look attractive if borrowers want a lower starting rate and believe they will be able to refinance again under better conditions later on. But that strategy depends on rates moving in the right direction and lenders keeping product access open.
In short, more choice is welcome, but it also puts more weight on the decision. Landlords are no longer just asking which lender is cheapest. They are asking whether to buy certainty or back future rate falls.
What this means for landlords
- If you expect rates to ease: tracker products may now deserve a fresh look rather than an automatic rejection.
- If your cash flow is tight: fixed rates may still offer better protection even if the opening rate is higher.
- Watch for: fee levels and legal or valuation incentives, which can change the real cost of a deal.
- If you are remortgaging this quarter: compare one-year, tracker and five-year structures side by side rather than focusing on a single product type.
- Bottom line: buy-to-let mortgage choice is widening, but landlords need a clearer view on rate direction before jumping into trackers.
Editor’s view
Trackers are back in the conversation for a reason. Not because the market feels settled, but because lenders think some landlords are ready to trade certainty for flexibility again.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 29 May 2026
Sources: The Mortgage Works buy-to-let mortgage rates
Related reading: Buy-to-let rates cut again as TMW adds one-year fixes
