Disclaimer: Important Disclosure: This post does not consider your particular circumstances and does not constitute personal advice.
80% LTV BTL: Accord Mortgages has a two-year fixed rate for BTL purchase at 5.09% with a £3,495 fee (80% LTV) and a five-year deal for BTL remortgage at 4.14% with a £995 fee (also 60% LTV).
The Mortgage Works, Nationwide’s specialist lending arm, has cut selected buy-to-let rates for new and existing customers by up to 0.55 percentage points, effective from 3 October. New rates include a two-year fixed rate remortgage deal at 3.59% with at least 35% equity in their BTL property (65% LTV), and a five-year fix at 3.79% (75% LTV).
Halifax for Intermediaries, Santander, and Barclays have recently reduced their fixed-rate mortgage deals, while HSBC has also announced lower rates for low-deposit mortgages.
Halifax has decreased selected residential remortgage rates by up to 0.24 percentage points and certain purchase deals, including those for first-time buyers, by up to 0.11 percentage points. These changes take effect from 4 October. Additionally, Halifax has lowered rates on its product transfer range for existing borrowers.
Santander has cut selected residential fixed rates by up to 0.29 percentage points for both new and existing customers. Buy-to-let (BTL) rates have been reduced by up to 0.17 percentage points for new borrowers and by up to 0.16 percentage points for existing BTL customers. These reductions are effective from 4 October and will be available directly or through brokers.
Barclays has also reduced selected fixed rates across its residential purchase and remortgage ranges, effective from 4 October. For example, it will offer a five-year fixed rate for purchase at 3.92% with no fee for borrowers with at least a 40% cash deposit (60% loan-to-value). For remortgages, Barclays is offering a two-year fixed rate deal at 5.32% for borrowers with at least 15% equity (85% LTV) and a five-year fixed rate at 4.93%, both with a £999 fee.
HSBC has unveiled new lower mortgage rates following its recent announcement. The bank is offering competitive deals at higher loan-to-value ratios. For instance, its five-year fixed rate for purchase with a 10% cash deposit is now 4.54% with a £999 fee (90% LTV), including £350 cashback on completion. The equivalent deal for a 20% deposit is now 4.16%. HSBC’s cheapest residential remortgage fixed rate is a five-year fix at 3.83% (60% LTV) with a £999 fee. First Direct, owned by HSBC, offers a similar deal at 3.79% available directly from the lender. At 75% LTV, HSBC offers a five-year fixed rate for remortgage at 3.99% with a £999 fee.
Starting from 3 October, HSBC will lower the cost of fixed rates across purchase and remortgage deals, as well as product transfers for existing customers, including those moving home and seeking additional borrowing.
Additionally, HSBC will launch a new high-value mortgage range for loans over £2 million, with a £1,999 booking fee. These deals will be available to home movers, first-time buyers, and remortgage borrowers with at least a 25% cash deposit or equity in their home (75% loan-to-value).
Virgin Money is also cutting selected residential fixed rate deals for purchase and remortgage at higher loan-to-value ratios by up to 0.25 percentage points, effective from 3 October. This includes a five-year fixed rate for purchase at 4.49% with a £995 fee for borrowers with a 10% cash deposit (90% LTV). Virgin’s new rate will be available directly from the lender, unlike its current market-leading five-year fix at 4.43% with a £995 fee, which is restricted to brokers. The bank is also offering a five-year remortgage deal at 4.41% for borrowers with 20% equity (80% LTV), also with a £995 fee.
MPowered Mortgages has reduced selected fixed rates by up to 0.3 percentage points, effective immediately. Through brokers, the lender offers a three-year fixed rate deal for home purchase at 3.75% with a £999 fee for buyers with at least a 40% deposit. Other fixed rates have been cut for borrowers with deposits between 20% and 40%.
Coventry and Skipton building societies have reduced their fixed-rate deals across their respective residential mortgage ranges, with Coventry now offering a market-leading five-year fixed-rate deal for home purchase at 3.69%
These latest cuts follow a busy week of reductions from across the market, and growing competition in the five-year fixed rate for home purchases sector (see stories below). Earlier in the week Barlcays reduced its five-year purchase fixed rate to 3.71%.
Lenders appear to be already pricing in an expected cut to the Bank of England Bank Rate in November, which is great news for borrowers.
Coventry’s table-topping mortgage is for borrowers with at least a 35% cash deposit (65% LTV) towards their home purchase, and there is a £999 fee. It has cut a range of its other residential rates by up to 0.27 percentage points, and it has also cut selected offset mortgage deals by up to 0.53 percentage points. Its two-year fixed rate offset mortgage for borrowers with at least 25% equity in their property (75% LTV) is cut to 4.88%. There is a £999 fee.
Skipton building society has cut its fixed rates by up to 0.36 percentage points, effective from Monday (30 September), including its Track Record mortgage product, which is a fee-free five-year fixed rate for first-time buyers who have no cash deposit towards their purchase (100% loan to value). Track Record has been cut by 0.15 percentage points to 5.29%.
Skipton has also cut its exclusive first-time buyer five-year fixed rate deal for borrowers with a 10% deposit (90% LTV) to 4.89% (down from 5.25%). This deal has a £1,500 fee.
Accord Mortgages has lowered selected BTL deals for purchase and remortgage by up to 0.3 percentage points, effective from 19 September.
Further drops to the Bank of England Bank Rate are already factored into fixed rates, so we may see the lowest fixed rates edging down. However, competition is currently driving further improvements. Inflation figures next week, the November Bank Rate decision, and the Budget are all factors that could influence how quickly rates might decrease. City and Countrywide are actively offering opportunities for you to invest into exclusive developments, in well researched locations and provide detailed 5-, 10- and 20-year cashflow projections and forecasts for all investors.
If you would like to explore these opportunities, then please either call us on +442081446222 email us at infor@cityandcountrywide.com
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