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New raft of lenders announce rate cuts

Accord Buy to Let, Precise Mortgages, NatWest and Skipton have cut the rates on a number of their buy to let mortgage products.

Accord Buy to Let has slashed rates by up to 0.30% on all of its fixed rate products and has brought new three and five-year fixed rate remortgage options to the market.

A new two-year fixed rate, 60% loan-to-value (LTV) mortgage is now available at 1.94%(5.5% APR) from Accord. The offer comes with a £800 fee, free standard valuation and free legal fees.

A three-year fixed rate, 65% LTV product at 2.64%(5.3% APR) is also on offer and also comes with an £800 fee.

Within Accord’s five-year fixed range of remortgage options, a 60% LTV mortgage is on offer at 3.09%(5.1% APR). This comes with a £800 fee and a choice of free standard valuation and £300 cashback on completion, or free standard valuation and standard legal fees.

Precise Mortgages has also reduced the rates on its buy to let range of mortgages, specifically its houses in multiple occupation (HMO) and limited company products.

HMO rates have been cut by up to 0.60% and limited company buy to let rates have been reduced by up to 0.55%. Precise has also introduced a new two-year fixed rate at 2.79%(5.1% APR) with a 1.50% product fee.

These products have been launched, Precise says, in an attempt to bolster its buy to let book and to increase its market share.

The lender will now be basing rental calculations on 125% of the pay rate or revert rate, whichever is higher.

Lastly, NatWest and Skipton have passed on a 0.25% cut in rates to their Standard Variable Rate (SVR) mortgage customers.

NatWest has reduced its rates from 4% and Skipton Building Society has brought its rates down also.

Both lenders say they are passing on the Bank of England base rate cut to their clients, demonstrating that they are responsible lenders.


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