The rates start at Base Rate + 4.14% (4.64%), stepping down to Base Rate + 2.14% (2.64%) in the second year.
The Mortgage Works has also made selected changes across its product range:
* Let-to-buy range extended to 70% LTV, previously 65% LTV, and the introduction of a new 2 year tracker rate at 3.99%, with a 3.50% fee.
* New 1 year buy-to-let fixed rate at 3.99%, with a 3.00% fee.
* 3 year buy-to-let fixed rate with 1.50% fee reduced from 6.24% to 5.99%.
Tracie Pearce, strategic product marketing manager, The Mortgage Works, said: “We want to offer our customers choice and flexibility when choosing a mortgage product. The new range features stepped buy-to-let tracker products with rates from Bank of England Base Rate + 4.14% (4.64%), stepping down to Bank of England Base Rate + 2.14% (2.64%) in the second year. These products are unique to the buy-to-let market, designed to help landlords budget against potential base rate increases.”