The news follows a slew of rate reductions over recent days. NatWest, Accord Mortgages and Gen H are the latest lenders to chop their rates, in advance of tomorrow’s Base Rate decision.
Natwest’s rates head south
Natwest has reduced rates across its new and existing customer residential and buy-to-let ranges.
Nicholas Mendes, mortgage technical manager at broker, John Charcol, said of the bank’s latest cuts: “Natwest has wasted no time repricing following similar changes by Halifax and HSBC.
“With markets settled, confident of another hold in the MPC meeting this Thursday, and swaps across two-, three- and five-year falling further, lenders clearly feel there is still further ground to make.
“I expect to see the 4.6 per cent breached imminently, and potentially 4.5 per cent on a five-year fixed sooner than expected.”
On purchase business, Natwest has cut rates by up to 26 basis points and 27 basis points on selected two- and five-year deals. Remortgage rates have been cut by up to 20 basis points.
Reductions on first-time buyer mortgages include cuts of up to 22 basis points. The lender has also cut its green mortgage rates by up to 23 basis points.
Buy-to-let mortgages have seen large reductions of up to 37 basis points on purchase business and 40 basis points on remortgages.
A new range of 100 per cent LTV switcher products has also been launched by Natwest.
In a updated broker note today, the lender also noted that it had ‘ identified an issue with the implementation of our latest pricing change.
It said: “That means until further notice you’ll be able to submit business based on our previous range effective from 9 October.”
The bank added that it was working with the sourcing systems to ensure the range reflects this position and that brokers would be able to find its latest range on the bank’s website.
Accord takes an axe to rates
Accord Mortgages is reducing rates on a range of its residential new business mortgages. The new products go live from tomorrow morning (2 November).
Existing mortgages are available until 10pm tonight (1 November).
The lender’s new residential products will change as follows:
- Selected products at 75 per cent LTV reduced by between 0.10 and 0.23 percentage points
- Selected products at 80 per cent LTV reduced by between 0.10 and 0.23 percentage points
- Selected products at 85 per cent LTV reduced by between 0.07 and 0.23 percentage points
- Selected products at 90 per cent LTV reduced by between 0.05 and 0.22 percentage points
- Selected products at 95 per cent LTV reduced by between 0.05 and 0.22 percentage points.
Accord has also increased the rate on its tracker mortgage products by 0.10 percentage points and removed early repayment charges on these deals.
Gen H generate further reductions
Fintech lender Gen H has cut rates for the second time in four working days.
CCO Pete Dockar said of the quick-fire rate reductions up to 27 basis points: “If we can offer lower prices, we will.”
Highlights include:
- 80 per cent LTV two-year and three-year rates down by 17 basis points and 5-year rates by 15 basis points
- 85 per cent LTV down by 20 basis points
- 90 per cent LTV two-year and three-year rates down by 20 basis points and five-year rates by 23 basis points
- 95 per cent LTV two-year and three-year rates down by 25 basis points and five-year rate by 27 basis points.
