The Mortgage Works has cut selected buy-to-let rates again, with a two-year limited company deal at 75 percent loan-to-value now priced at 4.09 percent. The latest move means TMW has matched the cheapest headline rate now available in this part of the market and marks its third round of reductions during June.
The fresh cut matters because it lands just days after Fleet Mortgages launched its own 4.09 percent EPC-linked deal. For landlords weighing a summer remortgage or purchase, that shows rate competition is spreading beyond one-off lender moves and into a broader repricing fight.
For landlords, the key point is not just the headline number. TMW’s latest cut is aimed at limited company borrowers and comes with a 3 percent fee, so the real value will depend on loan size, exit plans and whether a cheaper fee structure elsewhere works better over the fixed term.
June lender competition is pushing rates lower
TMW said the two-year limited company fix at 75 percent LTV is available for purchases, remortgages and further advances, and includes a free valuation. The lender has also cut selected one-year, two-year and five-year deals by up to 0.25 percentage points for new customers, according to its latest intermediary update.
That follows Landlord Knowledge’s report on Fleet Mortgages cutting rates to 4.09 percent, which showed lenders were already trying to win business from cost-conscious landlords. The latest TMW move suggests that trend is still running, rather than fading after a single burst of repricing.
The timing also matters because many landlords are still working out whether to fix for two years, five years or hold off in case broader mortgage pricing softens further. A lender getting down to 4.09 percent again will help brokers argue that pricing is improving, but it does not remove the wider pressure from fees, stress testing and compliance costs.
Headline rates still need careful comparison
Landlords comparing this deal against other options should look beyond the rate itself. A 3 percent fee can make a sharp-looking product much less attractive on smaller loans, while borrowers with energy-efficient properties may still find better effective pricing from lenders offering EPC-linked discounts. TMW’s latest update also sits alongside cuts from Accord and Coventry, underlining that lenders are trying to stay visible in a crowded remortgage market.
There is also a practical landlord angle here. Limited company structures remain a popular route for investors trying to manage tax and portfolio growth, so movement in this segment tends to carry more weight than a narrow tweak in a specialist corner of the market. Landlords who are refinancing in the next few months will be watching whether rivals now respond again.
Another factor is speed. Lower rates help, but they do not solve valuation delays, legal bottlenecks or affordability hurdles. That means landlords still need to compare the full package – not just the cheapest rate showing up first on a sourcing system.
Recent Landlord Knowledge coverage of TMW’s earlier limited company rate cut showed how quickly lender pricing has been moving this month. The difference now is that 4.09 percent is no longer a one-off talking point – it is becoming a level other lenders may feel they need to meet or beat.
Landlords can review the lender’s latest intermediary information on The Mortgage Works website.
What this means for landlords
- If you’re refinancing soon: fresh rate cuts improve choice, but check the total cost once product fees are included.
- Watch for: more follow-on repricing from rival lenders if competition keeps building through July.
- Bottom line: the direction of travel is better for borrowers, but the cheapest headline deal will not suit every portfolio.
Editor’s view
Landlords should welcome more lender competition, but nobody should confuse a 4.09 percent headline with a cheap mortgage full stop. In this market, fees and structure still matter almost as much as the rate itself.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 29 June 2026
Sources: The Mortgage Works, Accord Mortgages, Coventry for intermediaries
Related reading: Fleet cuts buy-to-let rates to 4.09% and adds zero-fee deals
