For residential purchase, the lender cut rates on two-year fixes at 80 per cent loan to value (LTV). The £995 fee product with £250 cashback was reduced by seven basis points (bps) to 1.82 per cent, and the fee-free with £250 cashback was cut by three bps to 2.40 per cent.
The five-year rate at 90 per cent LTV, no fee and £250 cashback, was trimmed by three bps to 3.48 per cent.
For residential remortgage, two-year fixed rates were cut by eight bps. At 70 and 75 per cent LTV, with no fee, the new rate was 1.53 per cent. At 80 per cent LTV, with £995 fee, the new rate was 1.75 per cent.
Rates on five-year fixed remortgage products at 70 and 75 per cent LTV, with £995 fee, were cut by two bps to 1.41 per cent. At 85 per cent LTV, the five-year fixed, no-fee remortgage product saw 11 bps knocked off, to 2.79 per cent.
Remortgage updates
The lender also reduced rates and upped cashback levels across two and five-year fixed remortgage products.
The exception was the 90 per cent LTV two-year fixed with £995 fee. While the rate was cut by an eye-catching 12 bps to 2.82 per cent, the cashback element went from £250 to £0.
On the five-year fixed remortgage range, from 60 to 80 per cent LTV, cashback rose from £0 to £250. The biggest rate cut was seven bps on the 60 per cent LTV product, giving a new rate of 1.45 per cent.
New deals
The lender introduced seven new residential products, including five remortgage deals and two green mortgages for purchase.
The new remortgage offers included a two-year fixed at 60 per cent LTV, with a rate of 1.28 per cent, product fee £0 and cashback £250.
And three new high value remortgage deals were offered. One was a two-year fixed, at 75 per cent LTV, with a rate of 1.18 per cent and £995 fee. The other two were five-year fixes, at 70 and 75 per cent LTV, with a rate 1.4 per cent and product fee £995.
The two new green residential mortgage purchase products comprised a two-year fixed at 75 per cent LTV with a rate of 1.17 per cent, and a five-year deal at 85 per cent LTV, with rate at 2.47 per cent. Both come with a £995 fee and £250 cashback.
Switcher refresh
The lender has also made a swathe of changes to it switcher mortgages.
These included rate cuts on residential and buy-to-let (BTL) two and five-year fixes.
Additionally, it introduced 12 new switcher mortgages and withdrew the same number.
The new mortgages included two-year fixed switcher and switcher – high value products, at 60, 70 and 75 per cent LTV.
The two-year fixed rates started at 1.03 per cent for a two-year fixed – high value, at 60 per cent LTV.
The new five-year fixed switcher and switcher – high value offers start at 1.20 per cent for the high value option at 60 per cent LTV, and range up to a rate of 1.48 per cent at 75 per cent LTV for the straight switcher mortgage.
All switcher mortgages come with a £995 fee.
The switcher rate changes were applied to BTL two and five-year fixed deals, in the 60, 70 and 75 per cent LTV tiers. The reductions ranged up to 37 bps for the five-year fixed, at 75 per cent LTV, to give a new rate of 3.05 per cent, with £0 product fee.
Rate reductions on the two-year BTL fixes included a cut of 19 bps to 1.6 per cent at 60 per cent LTV, with £995 fee, and cuts of 13 bps to 2.62 per cent at 70 and 75 per cent LTV, with £0 fee.
The end dates for fixed rates have moved from 31 August 2023/2026 to 30 November 2023/2026.
Brokers can produce mortgage illustrations and submit applications on existing deals up to 10.30pm tonight.
