Buy-to-let mortgage pricing shifted again on 20 May, with Leeds Building Society cutting rates across its range and The Mortgage Works adding new one-year fixes alongside further reductions on selected landlord products.
Leeds and TMW widen landlord finance options
Leeds Building Society said it had cut buy-to-let rates by up to 0.22 points, including a five-year fixed product reduced to 4.67 percent at 60 percent loan to value. The Mortgage Works has also reduced selected rates and introduced new one-year fixed products, giving landlords another sign that lenders are still competing for business despite the choppier rate backdrop.
For landlords, the practical point is not just that rates are lower in parts of the market. It is that product shape is changing too. One-year fixes and tracker options matter for borrowers who think swap-rate pressure may ease later this year, while five-year fixes still suit those who want payment certainty now.
That comes after Landlord Knowledge’s recent coverage of lenders widening product choice and our report on the remortgage wave building among portfolio landlords. The latest The Mortgage Works buy-to-let update does not change the direction of travel on costs overnight, but it does suggest lenders still see enough demand to keep tweaking pricing and criteria.
Flexibility matters as remortgage pressure builds
The fresh TMW products include one-year fixed deals and cuts to selected limited company and HMO rates. Leeds has also pushed pricing lower in its mainstream range. That matters because the next 12 months still look awkward for many landlords coming off cheaper legacy fixes. A lower headline rate helps, but fee structure, LTV limits and early repayment charges still decide whether a product is actually competitive for a given case.
There is also a clear split opening up between mainstream and specialist pricing. Leeds is competing hard at lower-risk LTV tiers, while specialist lenders are still charging much more where borrower type, property type or structure adds complexity. For property investors, that means the best route is still driven by portfolio shape and exit plans, not by chasing the lowest advertised rate.
What this means for landlords
- If you’re remortgaging this year: compare total cost, not just rate, because arrangement fees and ERCs can wipe out a small pricing gain.
- Watch for: more lender moves if funding markets settle and competition picks up again into summer.
- If you use a limited company or HMOs: check specialist criteria early because product choice is still thinner than for vanilla single lets.
- Bottom line: pricing is improving in pockets, but landlords still need to shop carefully.
Editor’s view
These cuts are helpful, but no landlord should mistake them for a full reset. The market is getting more flexible, not cheap, and the winners will be borrowers who move early with a clear remortgage plan.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 20 May 2026
Sources: Leeds Building Society, The Mortgage Works
Related reading: Portfolio landlords drive buy-to-let remortgage push
