The rate cuts range from 0.25 per cent to one per cent and include a fee-free five-year fixed rate clear product at 60 per cent loan to value (LTV) had fallen from 5.96 per cent to 4.96 per cent.
Clear is one of the five credit tiers that Bluestone Mortgages uses to divide its products.
Clear means that there has been only one satisfied default and no county court judgments (CCJs) in the last three years, no secured arrears are missed payments in last two years, no bankruptcy or individual voluntary agreement (IVA) for more than six years and no pay day loans in the last year.
Its fee-free five-year fixed rate at 70 per cent LTV in its AAA range has decreased from 6.86 per cent to 5.91 per cent.
The AAA tier means the borrower has had one default or one CCJ in last three years, one secured arrear or missed payment over last 13 to 24 months, no bankruptcy or IVA in more than six years and no pay day loans in last six months.
The lender’s Help to Buy range is available at 60 per cent, 65 per cent, 70 per cent and 75 per cent LTV.
Rates start from 4.96 per cent and free upfront valuation is available on all products.
Reece Beddall (pictured), sales and marketing director at Bluestone Mortgages, said: “At a time when affordability is a key concern for many, particularly for first-time buyers, we’re making these rate changes to provide further support for customers with complex credit as they look to get on the housing ladder before the Help to Buy scheme comes to an end next year.”
He added that with the scheme ending in 2023 first-time buyers would lose the additional support and the lender was exploring replacement schemes to ensure it could continue to support customers.
“This demonstrates our commitment to offer everyone the equal opportunity to be able to climb onto the property ladder and own their dream home. Ultimately, these changes will provide our customers greater support and give them the help that they deserve but haven’t been able to find elsewhere,” Beddall said.
