Barclays has made a number of changes across its residential and Rewards ranges with new products launching into the market on 11 September.
Changes to the products include: reducing rates by as much as 0.1 per cent on selected 85 per cent and 90 per cent LTV core range two- and five-year fixed rates; introducing two 75 per cent and 85 per cent loan-to-value (LTV) three year fixed rates; and reducing rates by as much as 0.4 per cent on selected two- and five-year fixed rates within its £1m large loan range.
In addition, the lender will also make reductions to products within its Help to Buy and existing customer reward range as well as introducing new premier exclusive rates.
Craig Calder, director of mortgages at Barclays said: “We constantly review market conditions to ensure our range of fixed rates are competitive as possible. We want to help more hard-working first-time buyers get on the property ladder sooner, as well as those choosing to remortgage, to keep their mortgage costs low.”
Key product change highlights include – for residential purchase and remortgage with a £999 product fee available for loans of £5,000 to £1m – a two-year fix up to 85 per cent LTV reduced from 1.57 per cent to 1.54 per cent; and a two-year fix up to 90 per cent LTV, reduced from 1.87 per cent to 1.77 per cent.
Kensington Mortgages has cut interest rates across many of its mortgage ranges by up to 40 basis points.
For Kensington’s Select product range, interest rates now start at 2.49 per cent for a two-year fix at 75 per cent LTV. For the Young Professionals offering, rates now start at 2.69 per cent for a two-year fix, 2.99 per cent for three-year fixed, and 3.39 per cent for five-year fix, all at 75 per cent LTV.
Kensington’s Hero product range rates now start at 2.54 per cent for a two-year fix and 3.24 per cent for five-year fix at 75 per cent LTV.
Reduced rates are also available for Kensington’s Select and Select Premier mortgage ranges.
Craig McKinlay (pictured), new business director at Kensington Mortgages, said: “These rate reductions further demonstrate our commitment to helping under-served borrowers across the country, such as those with complex incomes who don’t normally tick all the boxes at the traditional high street lenders, buy their own home.”
Accord has launched a new range of product transfer options for existing customers with a £295 fee.
Available across a range of LTVs, they have been introduced to ensure brokers can offer their clients “a comprehensive selection of competitive products when it comes to renewing their mortgage deal”, according to Accord.
Highlights of the new range of mortgages with a £295 product fee include: a two-year fix at 1.67 per cent at 65 per cent LTV; a two-year fix at 1.69 per cent at 75 per cent LTV; a three-year fix at 2.24 per cent at 85 per cent LTV; and a five-year fix at 2.46 per cent at 90 per cent LTV.
The intermediary lender has also reduced the fee by £200 on selected existing products to £795.
Jane Childs, Accord product manager said: “A lot can happen in the course of a mortgage term, so it’s vital customers speak to their adviser so they can secure the product that will suit them both now and in the future.”
West Brom BS
West Brom Building Society has made a number of changes to its fixed rate mortgage range, amending product rates and adding incentives including cashback.
Reductions of up to 0.45 per cent have been applied to several existing mortgages and completion fees have been lowered by £700.
Cashback payments of up to £1,500 are being offered within the range alongside further incentives such as free valuations and fees assisted legals for remortgage customers.
In terms of interest rates, the biggest improvement is the society’s five-year fix at 75 per cent LTV, reduced from 2.39 per cent to 1.94 per cent for new purchasers or home movers, with a free first standard valuation and no booking or completion fee.
A new addition to the range is a five year fixed rate for purchasers at up to 65 per cent LTV with £1,500 cashback payable upon completion. The rate on this product is 2.19 per cent with, again, no fees and a free valuation included.
Chris Yates, West Brom’s senior product manager for mortgages, said: “Many borrowers appreciate the certainty that comes with a fixed rate mortgage and we are increasing the amount of choice available to them across two, three and five year terms.”