Cuts of up to 0.05% have been made to its exclusive purchase products, including the five-year fix at 75% loan to value (LTV) with an £895 fee, which will be priced at 4.09% from 3 July.
At 80% LTV, two- and five-year fixed rates will start at 4.1%, and at 85% LTV, the five-year fix with an £895 fee will have a rate of 4.19%.
Virgin Money has lowered selected BTL rates by as much as 0.08%.
Meanwhile, product transfer rates have been reduced by up to 0.11% and start at 3.86% for selected two-, three- and five-year fixes at 65% LTV, and 3.77% for BTL rates.
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Gen H cuts rates down to 4.89%
Fintech lender Gen H has reduced rates across its mortgages, including its recently launched interest-only products.
Pricing on its deals at 90% and 95% LTV has gone down by 0.15%, while 60% and 80% LTV rates are 0.1% lower. Its rates now start at 4.89% for capital and interest repayment mortgages and 4.99% for interest-only.
These changes come shortly after the lender reduced the rates on its New Build Boost range, which now starts at 5.95%. Further, its interest-only range, which launched at the end of June and allows the use of an income booster as a repayment vehicle, will enter its next phase with improved affordability, including for those with small deposits later this year.
Pete Dockar, chief commercial editor at Gen H, said: “It’s been an exciting few months, launching New Build Boost and now interest-only products to market. We prioritised these launches because we view them as powerful tools for creating incremental homeowners – and every rate reduction we make is designed to have the same effect.
“I’m delighted to be offering more competitive rates, and hope these reductions can support an ever-widening net of our broker partners’ clients.”
The Mortgage Works trims new business and switcher mortgage rates
BTL lender The Mortgage Works has announced reductions to its new business and switcher mortgage rates.
Effective from 3 July, reductions of up to 0.35% have been made, with rates starting at 2.79%.
Across its new business offering, this includes the two-year fix remortgage-only product, available up to 65% LTV with a 3%, which has been cut by 0.1% to 2.99%. The equivalent product up to 75% LTV has been lowered by 0.07% to 3.82%.
Both have a free valuation and free legals.
Its limited company BTL five-year fix with a 3% fee up to 75% LTV, for purchase, remortgage and further advance, has been cut by 0.07% to 4.67%. This has a free valuation.
There is also the house in multiple occupation (HMO) product, fixed for two years and available up to 75% LTV, which has been lowered by 0.35% to 5.49%. This has a £1,495 fee and is available for purchase, remortgage and further advance purposes.
Changes to The Mortgage Works’ switch rates include the two-year fix up to 65% LTV with a 3% fee, which has gone down by 0.15% to 2.99%, and the option with a £1,495 fee, which has been reduced by 0.06% to 4.12%.
The limited company two-year fix switcher product with a 3% fee up to 75% LTV has been cut by 0.3% to 4.14%.
Joe Avarne, senior manager at The Mortgage Works, said: “We are pleased to announce further rate cuts to demonstrate our ongoing commitment to brokers and landlords. These latest reductions make us one of the most competitive providers of buy-to-let mortgages in the sector.”
