This includes high loan to value (LTV) deals such as the two-year fix purchase product at 90 per cent LTV which has been reduced by 16bps to 4.93 per cent. The five-year fix equivalent has been cut down by 11bps to 4.53 per cent. These mortgages have a £995 fee.
At 95 per cent LTV, the fee-free two-year fixed purchase product has gone down from 5.8 per cent to 5.68 per cent, while the five-year fix has reduced from 5.14 per cent to 5.08 per cent. These products offer £350 cashback.
For first-time buyers, the rate for the two-year fix at 90 per cent LTV has fallen by 0.16 per cent to 4.93 per cent and the five-year fix has been reduced by 0.11 per cent to 4.53 per cent. There is a product fee of £995 and a cashback incentive of £250.
For buy-to-let borrowers, the rates on two and five-year fixed purchase and remortgage deals have also been reduced.
This applies across products at 60 and 75 per cent LTV, with fee-free and fee-paying options.
For example, the two-year fix at 60 per cent LTV with a £1,495 fee has been cut by 26bps to 4.79 per cent and a fee-free remortgage at the same tier has been reduced by 30bps to 5.34 per cent.
The bank has also made reductions to green remortgage deals for buy-to-let borrowers at 65 and 75 per cent LTV by as much as 0.31 per cent.
Changes will apply from 24 February.
Market Harborough Building Society
Market Harborough Building Society (MHBS) has cut rates across its fixed rate mortgages by up to 0.75 per cent.
All of its five-year fixed residential and buy-to-let products have seen rate reductions of 0.75 per cent while two and three-year fixes have gone down by 0.7 per cent.
Richard Saunders, head of sales at MHB, said: “Since the base rate was raised by the Bank of England earlier this month, we have reviewed our products and updated our pricing to reflect a more stable fixed rate environment.
“Passing on the lower cost of fixing to our customers means we are in a better position to help clients with complex circumstances who want the security of a fixed monthly payment.”
