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Lenders NatWest, Magellan and Fleet announce rate cuts and criteria changes – roundup

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  • 04/07/2018
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Lenders NatWest, Magellan and Fleet announce rate cuts and criteria changes – roundup
A collection of lenders are reducing interest rates and adjusting their criteria this week.

Fleet revamps entire product range

Specialist lender Fleet Mortgages has adjusted its entire range of standard, limited company and HMO products, reducing rates on 12 of the 13 products it offers.

The standard deals are cut by between six and 45 basis points, while limited company deals are reduced by between 10 and 45 basis points. Reductions of between 10 and 35 basis points have been made on the HMO deals.

Bob Young, chief executive officer at Fleet, said that the product changes are to be followed by a series of education events for intermediaries.

He explained: “We are soon to roll out a series of ‘breakfast meetings’ to help brokers understand limited company lending, the pitfalls and the opportunities.”

Criteria changes at Magellan

Magellan Homeloans has confirmed that it is adjusting its criteria, so that it will now treat any ‘status 3’ or higher unsecured blips in the same way as a default.

Simon Read, managing director of the lender, said: “A borrower has no control over whether a creditor defaults a debt or not however, that decision can affect their ability to get a mortgage. By using this approach, we believe we treat our borrowers in an even-handed and consistent way, and enable our intermediaries to help more customers.”

In addition, Magellan is extending the offer expiry period on existing properties to 120 days, or 180 days for new-build properties.

NatWest

NatWest is adjusting rates on its core and semi-exclusive ranges of residential and buy-to-let deals for both purchases and remortgages.

Rates on selected products are being cut by up to 23 basis points, while new semi-exclusive two-year deals are being introduced. However other deals will see rates rise by up to 10 basis points.  

Mark Bullard, head of sales at NatWest, said: “We’ve taken this opportunity to reposition our portfolio to reflect the current market conditions. There are some significant rate reductions in certain product lines, and we’re making changes to the end dates of both two and five-year term deals.”

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