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Rate cuts at Barclays and Leeds BS; L&G adds downsizing protection ‒ round-up

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  • 10/10/2019
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Rate cuts at Barclays and Leeds BS; L&G adds downsizing protection ‒ round-up
A trio of lenders have made adjustments to their product ranges, including rate cuts on fixed rate deals and protection for borrowers looking to downsize to a smaller property.

 

Barclays has made a host of cuts to the rates charged on its high loan-to-value (LTV) purchase and remortgage deals.

Selected fixed rates available for both purchase and remortgage are being cut by up to 0.08 per cent, while those only open to purchasers are being reduced by up to 0.07 per cent. 

Two buy-to-let products are seeing their rates cut by up to 0.02 per cent.

It is also launching a residential five-year fixed rate at 1.88 per cent, available up to 80 per cent LTV, with a £499 fee.

 

Rate cut at Leeds BS

Leeds Building Society has trimmed the rate on its five-year fix, available to borrowers with a ten per cent deposit.

It has cut the rate by 0.2 per cent to 2.34 per cent. It comes with a £999 fee and free standard valuation, and is available from Friday.

Matt Bartle, director of products at Leeds, said the mutual realised borrowers were increasingly favouring longer term fixed rate deals.

He added: “We believe the reduction to our five-year rate will meet the needs of those who are often under-served by the wider market, particularly those with smaller deposits, so it’s ideally suited to people looking to take the first step onto the property ladder.”

 

Legal & General adds lifetime mortgage feature

Legal & General Home Finance has added downsizing protection to its lifetime mortgage range. 

It means that borrowers will have the option to repay their loan in full without any early repayment charges should their new property not meet Legal & General’s lending criteria.

The protection feature will be available once the borrower has had their lifetime mortgage for at least five years.

Bruno Meiller, director of products at Legal & General, said changing circumstances in retirement may mean having to move home in later life, and the downsizing protection had been introduced following feedback from borrowers and brokers.

 

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