The lender is also withdrawing selected residential first-time buyer exclusive fixed rates with £500 cashback. Santander said that there would be rate cuts to selected standard residential fixed products by between 0.05 per cent and 0.45 per cent for purchases.
All new build exclusive fixed rates are going down by between 0.17 per cent and 0.35 per cent.
Skipton BS announces rate cuts
Skipton Building Society has introduced rate cuts of up to 0.27 per cent, with the rates of 63 products falling.
The largest reduction is its two-year fixed rate at 75 per cent loan to value (LTV) which has gone down from 4.99 per cent to 4.72 per cent. It comes with a £1,495 fee.
The firm’s Track Record mortgage has fallen by 0.17 per cent to 5.35 per cent, the lowest ever Track Record rate. It is 0.14 per cent lower than when the product came to market in May last year.
Its five-year fixed rate at 95 per cent LTV has contracted by 0.15 per cent to 4.96 per cent with £1,295 fee and its no-fee five-year fixed rate at 90 per cent LTV falling by the same amount to 4.84 per cent.
Jennifer Lloyd, head of mortgage products and propositions at Skipton Building Society, said: “I’m delighted to announce that exactly a week after we reduced our rates we have today announced a further 63 reductions to our range.
“This includes both new and existing customer products as well as a further reduction to track record mortgage which sees it drop to its lowest ever rate.”
MPowered Mortgages to offer cashback as percentage
MPowered Mortgages has launched cashback of 0.3 per cent on all loan sizes up to £1.5m.
This compares to other lenders who offer fixed cashback on completion, with this product meaning there is more cashback, the more you borrow.
The lender’s five-year fixed rate at 75 per cent LTV is 4.28 per cent with a £999 fee, and at 80 per cent LTV the rate is 4.38 per cent.
If borrowers decide to pay the mortgage early then MPowered Mortgages will “not claw back cashback at any stage during the fixed rate period”.
Stuart Cheetham, CEO at MPowered Mortgages, said: “We are excited to be the only mortgage lender to offer cashback as a percentage of the loan size. We anticipate this will be particularly attractive to Londoners and those in the South who generally have higher loan sizes than the rest of the UK.
“When borrowers day-to-day expenses are rising, a percentage cashback product should enable borrowers to overcome some of the additional costs of moving home as the cashback back payment is paid to the customer as soon as they complete on the mortgage.”
