Skip to Main Content

Wide range of lenders cut mortgage rates this autumn

A wide range of buy to let, commercial and residential mortgages lenders have revised product rates and refreshed their lending criteria this autumn.

In the buy to let sector, Accord Mortgages has launched a new fixed-rate mortgage range, which includes five-year options from 2.99%(5% APR).

The new product range includes a 2.99%(5% APR) five-year fixed rate mortgage at 60% loan-to-value (LTV) with no arrangement fee and a 2.99%(5.1% APR) five-year fix at 75% LTV with a £1,845 arrangement fee.

Accord has also cut rates on selected fixed rate mortgages by up to 0.15%. The lender is now offering a 1.84%(5.5% APR) two-year fix at 60% LTV for landlords looking to remortgage.

The range includes free standard valuations on all loans and the choice of either standard legal fees or £300 cashback on completion.

Aldermore’s new range of limited edition buy to let mortgages is targeted at private landlords looking for loans up to £1 million.

The new limited edition five-year fixed rates, which have seen cuts of up to 0.74%, are available to borrowers wishing to finance single residential units.

Rates now start at 2.79%(3.7% APR) for loans up to 70% LTV, 2.99%(3.7% APR) up to 75% LTV, and 3.25%(3.8% APR) up to 80% LTV (down from 3.99%).

In addition, Aldermore’s limited edition term variable rate buy to let mortgage no longer carries an arrangement fee.

The commercial mortgage sector will see InterBay Commercial, part of OneSavings Bank, slash legal fees this October.

In partnership with solicitors Paris Smith LLP, InterBay is cutting all lender legal fees by 25% for completions in October.

If Paris Smith also acts for the borrower under Dual Representation, borrower legal fees will also be cut by 25%, directly benefitting those taking out the loan.

Moving on to residential mortgages, Leeds Building Society has cut the rate on its 65% LTV ten-year fixed rate mortgage to 2.55%(3.7% APRC), and has launched a new ten-year fix at 2.75%(3.7% APRC).

Both products come with tapered Early Repayment Charges (ERCs) for the first five years and no ERCs for the remainder of the term.

Meanwhile, Virgin Money has cut its residential and buy to let mortgage rates by up to 0.60%. New three-year fixed rates include a 70% LTV at 1.79%(4% APRC), 75% LTV at 1.84%(4% APRC), and an 80% LTV at 1.89%(4% APRC).

Five-year fixes now start at 2.18%(4.2% APRC) at 65% LTV, up to 4.19%(4.2% APRC) for a 95% LTV.

Key changes to Virgin’s buy to let rates include: two-year fixed rates up to 70% LTV reduced to 2.09%(4.6% APR); five-year fixed rate up to 70% LTV reduced to 3.24%(4.4% APR), and a two-year tracker rate up to 75% LTV reduced to 2.29%(4.6% APR).

The lender has also launched a new £300 cashback incentive for purchase customers on selected two, three and five-year fixed rates.

Lastly, Precise Mortgages has extended its product range and now offers Right to Buy mortgage products.

The new products will allow council and housing association tenants in England to buy their existing homes through the Government’s Right to Buy Scheme.

Through the scheme, discounts of up to £103,900 in London and £77,900 elsewhere can be applied to the property price.

Precise’s new range includes loans up to 100% of the discounted purchase price, maximum loans of up to 75% of the open market valuation and five-year fixed rate deals.


You may be interested in:

Ltd Co purchase applications now at 63% 

How the new buy to let underwriting standards will affect lenders and borrowers 

BTL mortgage calculator

Residential Stamp Duty Calculator