The changes, which are effective from Thursday 18 June, also comprise the reintroduction of 60% and 75% loan-to-value (LTV) fixed and tracker rates for first-time buyers.
In Santander’s homemover range, the bank is adding two- and five-year fixed rate options with a £1,499 fee, alongside simplifying the minimum and maximum loan sizes. Its £1,999 standard and £2,999 large loan product fees are decreasing to £1,499 and £1,999 respectively.
The majority of the fixed rates in the bank’s product transfer range and all the tracker rates in its residential range are seeing reductions. Most of the fixed rates in its buy-to-let (BTL) range are also going down.
TMW lowers BTL rates
The Mortgage Works (TMW) is applying more cuts to selected two-, three- and five-year fixed rate products for new and existing customers.
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The cuts apply across TMW’s BTL and limited company BTL ranges and come into force from tomorrow.
The changes are up to 26 basis points (bps) and include a remortgage-only two-year fixed BTL rate with free valuation and legals at 3.49% with a 3% fee, available up to 65% LTV – a reduction of 0.1%.
Its existing customer switcher two-year BTL rate with a 3% fee up to 65% LTV has also been reduced by 0.1% to sit at 3.49%.
TMW’s two-year limited company BTL fixed rate – for purchase, remortgage and further advance with a free valuation – has experienced the largest reduction of 0.26%. It now comes to 4.98% with a £3,995 fee, available up to 75% LTV.
Keir Fraser, lead manager at TMW, said: “We’re making further rate cuts across our mortgage range as part of our ongoing commitment to supporting individual and limited company landlords.
“We remain focused on maintaining a comprehensive product offering and will continue to review our range to ensure we are meeting the needs of our customers.”
Gen H lowers high-LTV rates
Gen H has lowered its high-LTV mortgage offerings by up to 20bps.
Two- and three-year rates at 95% LTV have seen the biggest reduction of 20bps, while 10bps cuts have been applied to two- and three-year rates at both 90% and 85% LTV.
The firm confirmed that the changes are now live and available to all brokers on its panel.
Sara Palmer, Gen H’s sales and distribution director, said: “These cuts are market-driven, but we’ve made a deliberate choice to concentrate the biggest reductions at 95% LTV, where many first-time buyers are. A smaller deposit doesn’t make you an inherently riskier borrower; it just means you’re someone who hasn’t had a financial leg-up, or who’s been paying rent whilst also trying to save.
“Brokers should be taking another look at what’s now possible for those clients who were just outside affordability last week.”
