Skipton Building Society and Accord Buy to Let have cut the interest rates on their buy to let mortgages even further, while a raft of other lenders bring refreshed product ranges to the market.
Accord Buy to Let has cuts its rates by up to 0.30% and it is reducing all fees from £2,495 to £1,845.
The new rates will apply to its three-year fixed and five-year fixed 75% loan-to-value (LTV) mortgages, which are now offered at 2.99%(5.4% APR) and 3.44%(5.2% APR) respectively.
Its five-year fixed 60% LTV deals are now available at 2.74%(5% APR) with a £1,845 product fee (remortgage or house purchase) and 2.89%(5% APR) with a £800 product fee (house purchase only).
A rate reduction of up to 0.34% has been applied by Skipton to its fixed rate buy to let mortgages. The refreshed range includes two and five-year fixed rate deals with purchase and remortgage options from 60% to 75% LTV.
Highlights include a two-year fixed rate at 1.99%(5% APR) with a £1,995 fee available up to 60% LTV and a fee-free five-year fixed rate at 3.81%(5% APR) up to 70% LTV.
As for remortgage customers, the two-year fixed range includes a 2.75% (5.1% APR) to 75% LTV and a five-year fix at 3.71%(5.1% APR) at 75% LTV, both with £995 fees.
All remortgage products offer a free valuation and standard legal fees, and all purchase products include a free standard valuation.
Natwest, meanwhile, has revised its intermediary-only product range and from Friday 15 April will be introducing new mortgage deals to its semi-exclusive range. The lender has also changed the rates on several of its residential, buy to let purchase and remortgage semi-exclusive deals.
Its new purchase deals include a variety of two and five-year fixed rate 85% and 95% LTV mortgages, including a two-year fixed rate 85% LTV at 1.94%(4.4% APR), with a £995 product fee.
Its latest first-time buyer deals include a two-year fixed rate 90% LTV mortgage at 2.69% (3.84% APRC), as well as a five-year fixed rate 90% LTV at 3.53%(3.91% APRC).
Rates have also been cut on selected residential purchase deals, with two-year fixed rate 60% LTV mortgages now available at rates as low as 1.43% (3.77% APRC) (a £995 product fee applies).
Leeds Building Society is withdrawing certain products but is also introducing a new range of fixed rate deals, which all benefit from the following incentives: no higher lending charge; no booking fee; 10% penalty free capital over-repayments each year and tapered early repayment charges.
The arrangement fee for these deals can also be added to the loan (within policy maximum LTVs) and is refundable.
Coventry for Intermediaries has also refreshed its product offering. While a number of offers have now closed, the lender has introduced a variety of residential and buy to let products from 65% to 90% LTV.
Rates start at 1.75% (4.2% APRC) for a two-year fixed 65% residential mortgage, (with an arrangement fee of £995) and 1.69% (4.3% APRC) for a flex for term 65% LTV buy to let loan, which comes with an arrangement fee of £999.
These latest deals all become available as the Bank of England announces that interest rates have been held at 0.5% for the 85th consecutive month.
Jeni Browne, Head of Residential and Buy to Let Lending at Mortgages for Business said:
“This latest news from the Bank of England is great for homeowners. However, we are warning potential borrowers not to be too complacent. It wouldn’t be wise to put off new transactions, simply because mortgage rates are not directly linked to base rates. As such we advise anyone hoping to remortgage to speak to their broker as soon as possible, so as to find the very best product to suit them before these deals expire.”