New business mortgage rates are being cut by as much as 17 basis points (bps), such as its two-year fixed homemover product at 60% loan to value (LTV) with a £1,999 fee and £250 cashback, which has been reduced by the headline rate to 4.43%.
The equivalent five-year fixed option has been cut by 8bps to 4.44%.
As the same tier, the two-year fix with a £999 fee and £250 cashback has been cut by 17bps to 4.48%, and the fee-free deal by 13bps to 4.73%.
The corresponding five-year fixed rates are not priced at 4.495 and 4.61%, respectively.
Across its higher LTV options, the two-year fix with a £999 fee and £250 cashback at90% LTV has been reduced by 13bps to 4.82%, while the fee-free option has gone down by the same amount to 5.07%.
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Meanwhile, the corresponding five-year fixes have been lowered by 9bps to 4.8% and 10bps to 4.92%, respectively.
Santander has also lowered two- and five-year fixed rates for first-time buyers at 85% and 90% LTV, as well as remortgage, new build and buy-to-let (BTL) remortgage pricing.
It has also cut more one-, two-, three-, five- and seven-year fixed residential product transfer rates by up to 10bps, and all two- and five-year fixed rates at 60% and 75% LTV by up to 9bps.
HSBC cuts mortgage rates and cashback incentives
HSBC has made reductions across mortgages for residential and BTL borrowers, effective from 3 June, along with changes to the cashback offered.
This includes its two-year fix for first-time buyers at 60% LTV, which has been reduced from 4.95% to 4.85%, while the cashback available has been cut from £500 to £250.
The product with a £999 fee has been reduced from 4.6% to 4.5%, while the cashback has gone down from £750 to £250.
Similar changes have been made to five-year fixed deals for first-time buyers, where the fee-free mortgage at 60% LTV has seen a rate cut from 4.78% to 4.73%, while the cashback has been reduced from £500 to £350. The deal with a £999 fee has had a rate cut from 4.61% to 4.56% and the cashback incentive has reduced from £750 to £350.
Accord trims BTL mortgage pricing
Accord Mortgages will lower BTL mortgage rates from 5 June.
Its two-year fixed rates will be reduced by up to 0.3%, three-year fixes by up to 0.25% and five-year fixes by up to 0.22%.
Its current range will be withdrawn by 10pm on 4 June.
