Mortgage rate cuts are now ratcheting up. LendInvest is the latest lender to cut rates going into 2024, with Halifax and Leeds Building Society making changes yesterday.
LendInvest rates begin from 3.79 per cent, with the firm noting that it aims to meet the “ambitions of landlords” following a more muted year for the buy-to-let market in 2023.
Sophie Mitchell-Charman, commercial director at LendInvest, said: “Our brokers are telling us just how ambitious landlords are, and they want to spend 2024 expanding their portfolios. This new range is designed to help them make up for lost time, with cheaper products, powered by our market-leading technology and delivered by our experts.”
The company is also bringing out a buy-to-let portal, which was launched to a small group of brokers and will be released to the wider market later this month.
The portal leverages the same technology used in its bridging and residential ranges and will make applications faster and give “more certainty and more visibility”.
Mitchell-Charman added: “We really want to make 2024 the year of backing buy-to-let landlords to get the right deals, when they need them. Our new buy-to-let portal will give brokers the tools to make their lives simpler, as well as their customers.”
Bluestone Mortgages slashes resi and Right to Buy deals
Bluestone Mortgages has cut rates across its residential and Right to Buy products to support customers who do not fit traditional mainstream lender criteria.
Reductions of up to 0.23 per cent have been applied to the firm’s two, three and five-year range with pricing beginning from 6.8 per cent for a five-year fixed ate clear product at 70 per cent loan to value (LTV).
All products have no application fees and remortgage customers can benefits from a free valuation and basic legal package or select a £500 contribution to solicitors costs.
Reece Beddall, sales and marketing director, Bluestone Mortgages, said: “As we enter a new year, we have today made our fourth consecutive rate reduction since October, demonstrating our commitment to support our customers.
“This ongoing effort reflects our duty and responsibility to provide customers with affordable, accessible solutions, underscoring our dedication to being a lifeline for disenfranchised individuals striving to achieve their homeownership goals.”
Rate cuts from Gen H
Gen H will decrease rates across its entire product range, with all LTV bands up to and including 80 per cent at three and five-year terms now below five per cent.
The lender added that all two-year products were below six per cent.
Examples of rate cuts include deals at 85 per cent LTV, which have fallen by up to 0.67 per cent. Its two-year standard product with fee is 5.32 per cent and its bundle starts from 5.27 per cent. Its standard five-year fixed rate is priced from 4.71 per cent and its bundle with £999 fee starts from 4.65 per cent.
At 90 per cent LTV, reductions between 0.4 per cent and 0.55 per cent have been applied and at 95 per cent LTV, the cuts go up to 0.6 per cent.
Pete Dockar, Gen H’s commercial director, said: “We were thrilled to have been able to have introduced the first sub-four per cent to the market – making rate reductions whenever we can is core to our ethos. Today, we’re excited to show we can help people no matter their deposit size, whether they’re remortgaging in the 60% LTV band or buying their first home with a smaller deposit. We make these reductions because they make a difference to real people. That’s why we’re here.”
