Effective from tomorrow, the two-year fixed purchase deal at 90 per cent loan to value (LTV) will be reduced by 0.2 per cent to 3.6 per cent. This product has a £995 fee and £250 cashback.
Five-year fixed purchase products up to 85 per cent LTV have seen rate cuts by as much as six basis points (bps).
Rates now vary from 1.53 per cent for a 60 per cent LTV deal and 2.99 per cent for the fee-free option at 85 per cent LTV.
Meanwhile, the two-year fixed purchase product at 60 per cent LTV has been reduced to 1.08 per cent from 1.14 per cent and its £250 cashback has been withdrawn. The 75 per cent LTV purchase mortgage has also been cut by seven bps to 1.32 per cent, and its £200 cashback has been pulled.
As for the 85 per cent LTV two-year fixed purchase product, its rate has been cut to 1.23 per cent from 1.27 per cent. It now offers £200 cashback.
For first-time buyers, the two-year fixed at 85 per cent LTV has had a rate cut of three bps to 2.59 per cent. The £995 fee paying product had its cashback increased from £500 to £1,000.
Two-year fixed green mortgages had rates reduced by up to 12 bps, while five-year fixes have been cut by as much as six bps.
Brokers will be able to produce mortgage illustrations and submit applications online for existing deals up to 10:30pm today.
