Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

TMW, Leeds and Principality Lower Buy-to-Let Mortgage Rates

TMW is reducing rates on its buy-to-let switcher deals by up to 25 basis points from tomorrow, following earlier cuts to its new business deals. Leeds Building Society and Principality are also set to lower rates on a range of products, including buy-to-let and holiday let mortgages.

TMW, part of Nationwide Building Society, is among more than 20 lenders to have reduced prices this week. According to Moneyfacts, average fixed rates have edged downwards compared to last Friday.

Following its latest reprice, TMW will offer buy-to-let mortgage switchers a five-year fixed rate at 4.44% with a £1,495 fee, available up to 65% loan-to-value (LTV), reduced by 15 basis points. A two-year fixed rate at 4.89% with no fee, also up to 65% LTV, has been reduced by 10 basis points. For limited company buy-to-let borrowers, TMW will offer a two-year fixed at 5.74% with no fee, available up to 75% LTV, reduced by 20 basis points.

Leeds Building Society has notified brokers that it will cut rates on several products from Monday. Principality will also reduce prices by up to 11 basis points on the same day, affecting some residential, buy-to-let, and holiday let products.

These changes may be relevant for letting agents and inventory clerks monitoring mortgage costs for landlords and property investors.