This includes reductions of up to 0.12% on home purchase products and up to 0.14% on remortgage products.
For homemovers, the two-year fix up to 90% loan-to-value (LTV) with no fee and a £999 fee have both been cut by 0.1% to 5.26% and 5.02%, respectively.
The fee-free three-year fix up to 85% LTV has gone down by 0.09% to 5.02%, while the equivalent with a £999 fee has gone down by the same amount to 4.84%. Up to 90% LTV, the corresponding rates have been cut by 0.12% to 5.36% and 5.19%, respectively.
Across its five-year fixes at 60% LTV, there have been cuts of 0.1%, resulting in the fee-free rate sitting at 4.67% and the £999 fee option now at 4.55%. Up to 90% LTV, cuts of 0.12% have brought the corresponding rates to 5.04% and 4.93%, respectively.
Halifax and Lloyds Bank have also cut remortgage rates and its two-year fix with a £1,999 fee up to 60% LTV has gone down by 0.09% to 4.61%, and by 0.14% up to 75% LTV, now priced at 4.66%. Further, reductions of 0.11% have been made to selected three-year fixes.
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Coventry BS cuts BTL and resi rates
Coventry Building Society has cut selected owner occupier and buy-to-let (BTL) mortgage rates by as much as 0.12%.
This includes its two-year fix at 90% LTV, which is now priced at 5.24% and the five-year fix at 95% LTV, which is now priced at 5.35%. Both products are aimed at first-time buyers, have no fee and come with £500 cashback.
Jonathon Stinton, head of intermediary relationships at Coventry Building Society, said: “These reductions bring yet more competitive options to brokers, especially those with clients looking to buy their first home.
“The reduced rates on high-LTV products, along with the cashback, offer much-needed extra support to those trying to get a foothold on the property ladder.”
Gen H makes cuts of up to 0.2%
Gen H has reduced its mortgage rates by up to 0.2%.
The largest cuts have been made to five-year fixes at 60% to 80% LTV, while two-year rates at the same LTV bands have been cut by 0.15%.
Meanwhile, the pricing of its New Build Boost product has fallen by 0.1% to 6.29%, giving it an effective rate of 5.3%. This is because the product acts like a Help to Buy loan, where borrowers with a 5% deposit take an 80% mortgage with Gen H, and receive a 15% interest-free equity loan from participating builders. This means borrowers only pay interest on the 80% mortgage, making the cost equivalent to similar products at 95% LTV.
Sara Palmer, sales and distribution director at Gen H, said, “As we’ve shown throughout the year, we move as quickly as we can to cut rates when swap movements allow.
“And this is not the only good news this week – we’re delighted that our underwriting improvements are able to bring speed and certainty to even more of your clients with more first-touch offers than ever before.”
