Aldermore has launched discounted variable deals and cut rates on buy-to-let and residential mortgages.
The lender now offers residential two-year discount rates with a ‘switch to fix’ option. Rates start from 5.23 per cent at 80 per cent loan to value (LTV).
There is a similar range available for buy-to-let investors with rates from 5.98 per cent.
At the same time, Aldermore has trimmed rates on select residential two and five-year fixes.
Headline mortgage costs have also fallen for both individual and company landlords.
Jon Cooper, head of mortgages at Aldermore, said: “We’re delighted to introduce improvements to our mortgage range, providing new pricing to support prospective and existing homeowners and landlords.
“Right now, people need a different type of bank, one that gets finance where it’s needed. Our latest changes will deliver more options to borrowers looking to find the right deal for them.”
Vida cuts rates
Vida has reduced rates on its fixed rate residential and buy-to-let mortgages by up to 1.2 per cent.
The specialist lender has also upped its loan to value cap to offer residential deals at 80 per cent loan to value (LTV), up from 75 per cent LTV
The best rate now offered by Vida is 6.49 per cent on a five-year fixed rate at 70 per cent LTV.
The buy-to-let range is also available up to 80 percent LTV, with the best rate of 6.29 per cent fixed for five years.
A two per cent product fee can be added to the loan above the maximum loan to value.
Fixed rate products are available for HMO/MUBs and expats.
These latest lender rate reductions will be welcomed by the market. Mortgage costs climbed steeply following September’s mini Budget, but in the past couple of weeks have been starting to fall back.
The average five-year fixed rate has now fallen below six per cent for the first time since October, according to analysis this week.
