Accord and Nationwide cut rates, while Barclays launches its ‘best-ever’ five-year fixed rate mortgage and Shawbrook unveils a residential mortgage range for interest-only prisoners.
Accord Mortgages has slashed the rates on its fixed-rate buy to let loans by up to 0.20%.
The reductions apply to its 60% and 65% loan to value (LTV) deals, across its two-, three- and five-year fixed rate deals.
The intermediary-only lender’s new range includes a two-year fixed rate at 1.59% on a 60% LTV mortgage, which is available to both remortgaging landlords and those buying additional properties. The mortgage carries a £1,995 product fee.
Accord has also removed the £130 processing fee that was payable on all buy to let mortgage applications, to fall in line with residential applications.
Barclays has launched its lowest-ever five-year fixed product for Premier purchase and remortgage clients and has introduced fee-free purchase products for residential and buy to let customers.
Barclays Premier customers will now have access to a five-year fixed rate at 1.83%, which is available up to 70% LTV. The deal has a fee of £1,499 and a minimum loan size of £5,000 with a maximum of £1.5m.
Existing mortgage customers will also be able to access the product up to 80% LTV in Barclays’ Reward range which is available exclusively for rate switch and further advance.
Barclays is also offering fee-free purchase-only products at 75% and 80% LTV, which come with £250 cashback and free valuations.
Products in the range include a two-year fixed rate at 1.95% for an 80% LTV loan with a minimum loan size of £50,000 and maximum of £250,000.
Barclays has also launched a fee-free range for buy to let borrowers, which includes a two-year fix at 65% LTV and two-year tracker at 75% LTV, available at 2.59% and 2.89%, respectively.
Nationwide is another lender to cut its mortgage rates, reducing its two-year tracker mortgages by up to 0.10%.
Its two-year tracker products now start at 1.24%, with a £999 fee, and 1.64% with no fee to 60% LTV.
In addition, the lender’s 70% LTV and 75% LTV trackers are available at 1.34% with a £999 fee or at 1.74% with no fee.
Nationwide has also made reductions to its 80% LTV tracker mortgage, which now starts at 1.54%, and to its 85% LTV deal which starts at 1.64%. Both carry a £999 fee.
Lastly, Shawbrook Bank has announced that it will launch a new mortgage range designed for borrowers aged 55 and over in January.
The new products will allow borrowers to extend existing interest-only mortgages by remortgaging to Shawbrook over a term of five to 15 years.
It is targeted at home-owners who are approaching the full term of their existing loan and who have no other means of repaying the loan, other than downsizing.
The range will launch with a choice of variable and fixed rates rates, starting from 5.25%. The maximum LTV is 50% and the products will have no early repayment charges. Borrowers will be allowed to overpay free of charge but must have a clean credit profile.
Shawbrook will also allow capital raising outside of the mortgage loan for home improvements, consolidation and assisting family members onto the property ladder.
The product will be rolled out gradually and controlled from February onwards.
1st December 2016