The 90 per cent LTV exclusives are applied to two and five-year fixes with rates starting from 2.99 per cent. The deals have a £1,999 fee and come with a free valuation.
Clydesdale has also reduced rates on its professional and newly-qualified professional range at 85 per cent and 90 per cent LTV by up to 0.12 per cent, with these products now starting from 2.76 per cent.
For mainstream borrowing, the 85 per cent LTV two and five-year fixed rates have been reduced by up to 0.14 per cent, the 80 per cent LTV full capital and interest five-year fixes trimmed by up to 0.10 per cent and the 75 per cent LTV two and five-year fixes reduced by up to 0.12 per cent.
Vida slashes rates
Vida Homeloans has cut interest rates on its residential mortgage products by up to 95 basis points (bps), with cuts to rates on its specialist buy-to-let offering as well.
Reductions apply to the Vida 1, 2 and 3 core residential purchase and remortgage ranges and the lender said the cuts made its “prices some of the most competitive in the specialist market”.
The biggest cut of 95bps has been made to its Vida 1 five-year fix at 80 per cent loan to value (LTV) which now has a rate of 3.94 per cent.
The Vida 1 residential range also saw several other significant rate cuts, including the 75 per cent LTV two-year and five-year deals cut by 74bps and 65bps respectively to 3.18 per cent and 3.54 per cent.
Other changes to Vida’s residential offering include rates on all products in the Vida 2 range cut by up to 40bps and rates on all products in the Vida 3 range cut by up to 25bps.
Its Vida 1 buy-to-let houses in multiple occupation and multi-unit freehold block (HMO/MUB) range has also seen rates trimmed by 20bps at both 70 per cent LTV and 75 per cent LTV.
Earlier this week, Vida announced the managing director of mortgages Louisa Sedgwick was leaving with Richard Tugwell appointed as director of mortgage distribution.
Commenting on the rate cuts, Tugwell said: “A strong specialist lending sector that offers competitive rates and innovative solutions has never been more important and these rate cuts are just one step towards achieving this.
“Vida is wholly committed to making continuous refinements to its products and services, so that intermediaries and customers have access to the financial solutions they need to achieve home ownership.”
Vida CEO Anth Mooney added that Vida had learned a lot over the past 12 months.
“We now have the opportunity to improve our competitive position and focus on supporting those underserved borrowers whose circumstances have been exacerbated by the Covid-19 pandemic,” he said.
“We have invested in new processes, streamlined the way we underwrite, reduced the documentation requirements for intermediaries and recruited new experienced underwriting resources to ensure that our new business capacity is significantly expanded.”
Newcastle Building Society
Meanwhile, Newcastle Building Society has added a pair of 85 per cent LTV products for first-time buyers, re-mortgagers and home movers.
The £999 fee version is available at 2.7 per cent with the fee-free deal at 2.8 per cent – both have free valuation and include two years early repayment charges.
John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “We’re always looking at the changing needs of the market and have evolved our proposition to suit brokers and their clients.
“These new 85 per cent products will support a variety of borrowers including first-time buyers, home movers and existing home owners looking to remortgage.”
