The changes are effective from today, with the largest increases applied to some of its feesaver products.
The rate on its five-year fixed feesaver 85 per cent LTV will be cut by 0.2 per cent to 2.79 per cent. The two-year fixed feesaver 85 per cent LTV product will be reduced by 0.15 per cent to 2.64 per cent.
The lender’s two-year fixed rate feesaver 90 per cent LTV product will decrease by 0.15 per cent to 2.09 per cent.
The lender has also cut rates on several of its £999 fee products. The rate on the five-year fixed 85 per cent LTV product was reduced by 0.15 percent to 2.59 per cent, and on the two-year fixed 85 per cent LTV by 0.15 per cent to 2.64 per cent.
The rate for its two-year fixed rate 90 per cent LTV will decrease by 0.1 per cent to 2.89 per cent.
Michelle Andrews, head of Buying a Home at HSBC UK said: “These mortgage cuts across 85 per cent and 90 per cent LTVs will make it cheaper for those with a smaller deposit to get onto or up the property ladder.”
Aldermore introduces remortgage products and cuts 75 and 80 per cent LTVs
Aldermore has announced that it has reduced rate across a range of its purchase and remortgage products at 75 per cent and 80 per cent loan to value (LTV), and added several new remortgage products.
The lender has introduced four new remortgage products which had no product fee and free standard legal and valuation fees.
This includes a two-year and five-year fixed, at 75 per cent LTV, with rates of 3.48 and 3.78 per cent respectively.
The lender also brought in two-year and five-year fixed rates, at 80 per cent LTV, at 3.68 per cent and 3.98 per cent respectively.
Aldermore’s head of mortgage distribution Jon Cooper (pictured) said: “With the reintroduction of these remortgage products, we’re delighted to be providing a greater amount of choice to homeowners looking to secure a better deal or reduce monthly payments to release funds to be put towards other large expenses on the horizon such as home renovations.”
The lender has also reduced rates on four of its purchase and remortgage products – which are subject to a £999 fee – by 0.3 percent.
Its two-year at 75 per cent LTV will now be 3.18 per cent, whilst its five-year fixed rate will be 3.38 per cent.
The rates for its two-year and five-year fixed at 80 per cent LTV will stand at 3.48 per cent and 3.68 per cent respectively.
Cooper added: “The pandemic has accelerated the increasingly broad set of financial circumstances that borrowers have, so we want to be inclusive and responsive to this long-term trend.
“It is important to give opportunity to the widening number of people that may have complex income streams or credit issues in the past so that they can find a product that suits their individual circumstances.”