The rate cuts continue as Aldermore, The Mortgage Works and Barclays all make rate reductions to their respective Help to Buy, buy to let and residential mortgage ranges.
First up, Aldermore is reducing the rates on it Help to Buy: mortgage guarantee scheme products, ahead of the scheme closing in December this year.
Its existing two-year fixed rate products will be replaced with a standard, non-tiered offer.
Available immediately, the product offers a two-year fixed rate of 4.98%(5.62% APRC) up to 95% loan-to-value (LTV) with a fee of £999. The loans are available on a capital repayment basis, from £20,000 to £400,000.
Previously the lender’s rates where more than 1% higher.
Nationwide’s specialist buy to let arm, The Mortgage Works (TWM) has slashed its two-year fixed rate to its lowest ever headline figure and is now offering a rate of 1.79%(4.4% APR) on a 65% LTV buy to let mortgage.
In a bid to support landlords further, the lender has also cut the rates on its three-year and five-year fixed rate mortgages across all LTV tiers and has reduced fees from 2.5% to 2%.
Rates for the lender’s new five-year fixed product start at 2.79%(4.2% APR) and a two-year fixed rate remortgage product is available from 1.99%(4.4% APR), including a free standard valuation and free legals.
A range of new 65% and 75% LTV two-year tracker products have also been introduced by TMW, with rates starting at 1.74%(4.4% APR), while some selected tracked rates will rise by up to 0.15%.
Barclays has reviewed its ten-year fixed rate products and is reducing the rate on its 60% and 80% LTV mortgages by 30bps to 2.49%(3.86% APRC) and 2.69%(3.18% APRC).
The rates on its two, five and seven-year products have also been reduced and the lender is now offering a new two-year fixed rate residential mortgage from 1.33%(3.5% APRC), up to 60% LTV (previously 1.35% for remortgage and 1.39% for purchase).
Barclay’s five and seven year rates now start at 1.99%(3.25% APRC) for a 60% LTV loan.
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The Bank of England (BoE) has cut interest rates from 0.5% to a record low of 0.25% and has expanded QE.