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Lenders trim rates across residential and buy-to-let deals

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  • 27/06/2018
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Lenders trim rates across residential and buy-to-let deals
Two mortgage lenders have announced product rate cuts that come into effect this week.

The Mortgage Works has announced that it is reducing the rates on its five-year fixed rate deals from Thursday 28th June.

Selected deals at 65% LTV will be reduced by up to 0.5%, with rates now starting at 2.54%, while some 75% products will see rates fall by up to 0.15%. All fee-free deals at 50% LTV will be cut by 0.05%, so rates start at 2.39%.

TMW is also introducing a new range of two-year fixed rates with both 1% fee and fee-free options, specifically for borrowers looking for a further advance.

In addition, the offer validity period is being doubled from three to six months.

Two new five-year deals are being added to its range for landlords with more than 10 mortgaged buy-to-let properties too.

Paul Wootton, managing director of TMW, said: “We always look to balance costs and flexibility so that our customers have choice, with these new products offering competitive rates for landlords looking for longer term payment security.”

Elsewhere Leeds Building Society has trimmed rates on its fixed rate deals by up to 0.60%.

As a result, highlights of the range include a two-year fixed rate available up to 65% LTV at 1.39%, with free standard valuation and a £1,999 fee and a five-year fixed rate at 2.49% available up to 80% LTV with no fee, free standard valuation and £1,000 cashback.

Jaedon Green, director of product and distribution at Leeds Building Society, said that a bank base rate rise is looking increasingly likely, making the prospect of locking in a low rate even more attractive to borrowers.

He added: “We’ve improved rates across our mortgage range at all LTV tiers which will benefit borrowers whether they’re first time buyers with a 5% deposit or existing homeowners who’ve built up more equity and want to remortgage to a better deal.”

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