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Lenders overhaul rates and products – round-up

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  • 17/08/2018
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Lenders overhaul rates and products – round-up
Several lenders have made notable changes to their products and rates including extending term length and maximum loan size.

 

TSB has increased its fixed rate mortgages for house purchase and remortgage.

The changes apply to its two-, three- and five-year fixed rate deals with most products increasing by 0.1%. The remaining products have increased by 0.05%.

TSB has already confirmed its variable rate products will rise by 0.25% in September following the Bank of England’s decision to raise the base rate.

 

Principality

Principality Building Society has increased its maximum loan amount to £500,000 for residential mortgages up to 90% loan to value (LTV) across England and Wales.

The new maximum loan size will be available for both residential purchase and remortgage applications, with no change to pricing.

Principality key account manager Emma Graham said: “We have seen an increasing demand from our intermediaries for larger loan sizes.”

 

M&S

M&S Bank has extended its maximum LTV to 95% on three new products – a two and five-year fixed rate mortgage and two-year tracker mortgage.

The lender has also increased its maximum mortgage term to 35 years across its first-time buyer and home mover products.

It will also give £1,000 cashback exclusively for those purchasing their first home, plus a free valuation.

 

Sainsbury’s

Sainsbury’s Bank has introduced a series of time limited broker exclusive deals in it’s two-year fixed-rate remortgage range.

The lender’s offers include a new 1.45% rate at up to 60% LTV with a £1,495 product fee and £250 cashback, and a 1.92% rate which has been reduced by 0.1% at up to 75% LTV with no product fee.

Sainsbury’s Bank head of mortgages Catherine More said: “As we approach the autumn, traditionally one of the busiest periods for the housing market, we are launching, for a limited period, these remortgage rates available exclusively to the broker network.”

 

Leeds BS

Leeds Building Society has also refreshed its range of two-year buy-to-let tracker mortgages. The mutual said this included four market leading products, with offers including: 1.46% deal available at up to 60% LTV with a £999 fee, and a 1.46% product at up to 70% LTV with a £2,499 fee.

All products come with a free standard valuation and fees assisted legal services for standard remortgages.

Leeds Building Society’s director of product and distribution Jaedon Green noted that despite the August Bank Base Rate (BBR) increase there was still a place for tracker mortgages for landlords looking to make the most of their portfolio.

“The Bank of England has indicated that the era of low interest rates could last another 20 years with market expectations that the next BBR rate is at least a year away.

“While fixed rates offer certainty of payment, there is a tendency to overlook trackers, which, with the current expectations on future BBR increases could offer better value over the two-year period,” he added.

 

 

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