Lenders welcome 2017 with a range of new mortgage deals and rate cuts

The new year sees a variety of lenders launch new mortgage deals for buy to let and commercial customers.

Paragon Mortgages has introduced a range of fixed rate buy to let mortgages for purchase and remortgage.

Landlords will now be able to access a new five-year fixed rate loan of 3.75% on loans up to 75% loan to value (LTV).

The interest coverage ratios on these new products starts at 125% at 4%, and are graduated to the individual landlord’s tax status.

 Also featured in this range is a two-year fixed rate mortgage at 3.25%(5.1% APR) available up to 65% LTV and a 3.40%(5.1% APR) deal up to 75% LTV.

 Accord Mortgages is offering an incentive of £1,000 to borrowers who choose an offset mortgage with them.

An offset mortgage works by offsetting a borrower’s savings against a home loan, so that the borrower only pays interest on the difference between the two.

The offer is available for two-weeks only and will be paid into the customer’s linked offset savings account once they complete on their mortgage.

As part of its new range the lender is also offering offset deals with no up-front fees, including a two-year offset mortgage at a rate of 2.14%(5.2% APR) at 75% LTV or 2.24%(5.6% APR) at 80% LTV.  These deals also include a free standard valuation.

A range of five-year offset deals is also available from Accord, including a rate of 2.49%(4.9% APR) at 75% LTV, which comes with a £995 product fee.

Clydesdale and Yorkshire Banks say they have launched their lowest-ever fixed rate mortgage deal and have cut rates on a range of other mortgages.

Now on offer through both banks is a two-year fixed rate loan at 1.59% (4.3% APRC) up to 75% LTV, which comes with a £999 fee, as well as a five-year fixed rate loan at 2.49%(3.8% APRC) up to 75% LTV (with product fees only payable on loans under £100,000).

Clydesdale and Yorkshire Banks have also reduced prices on their standard products and those with no arrangement or valuation fees.  And they have just launched the ‘five minute mortgage challenge’, where they promise to tell borrowers whether they could save money with a Clydesdale and Yorkshire Bank mortgage in just five minutes.

On the commercial front, Interbay Commercial has reduced rates across the majority of its commercial and semi-commercial product range.

The lender has also streamlined its product range and has introduced simplified LTV bands and standardised pricing irrespective of loan size.

Its Prime and Standard ranges will now be replaced by a simple 3-tier structure, with rates being determined by property yield. 

 

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