Santander’s fixed rate changes will come into force on 23 May.
On the new business side, selected residential fixed rates will be reduced by between 0.02% and 0.27% for purchases and remortgages.
Selected buy-to-let fixed rates will fall by between 0.04% and 0.2% for purchases and remortgages.
For product transfers, selected residential fixed rates will decrease by between 0.03% and 0.14% and selected buy-to-let fixed rates by between 0.05% and 0.12%.
Atom Bank changes near prime criteria
Atom Bank has improved its near prime criteria to “deliver greater support to an underserved area of the market”.
Unsatisfied registered defaults are now accepted up to £2,500, a rise from the previous cap of £1,000.
The limit for unsatisfied registered defaults for communication and utility bills has also doubled from £250 to £500.
The lender also reduced the timeframe in which defaults will be taken into account, with defaults from more than two years ago now being considered. This was previously three years.
Richard Harrison, head of mortgages at Atom Bank, said: “The range of improvements to our near prime range mean that Atom bank is now one of the leading lenders when it comes to delivering for clients who have a less than perfect credit history.
“We know that customers with the odd payment blip are significantly underserved by mainstream lenders at the moment, yet brokers are seeing greater numbers of clients who fall into this category after the challenges of recent years.
“Atom Bank is determined to support near prime clients for the long term, not only taking a more understanding approach to their current situation, but also offering them the opportunity to move onto Prime products once their circumstances improve.”
CHL Mortgages lowers buy-to-let fixed rates
CHL Mortgages has reduced rates by 0.21% across its entire buy-to-let range, with standard two-year deals starting from 3.2% and five-year products beginning at 4.55%.
For small houses in multiple occupation product and multi-unit freehold blocks, two-year fixed rates are priced from 3.22% and five-year fixed rates start from 4.62%.
CHL Mortgages was acquired by Chetwood Financial earlier this week, with Chetwood Financial saying it hopes to grow the business.
Ross Turrell, commercial director at CHL Mortgages, said: “This pricing refresh reflects recent improvements in swap rates and will help us to retain our competitive positioning in the market.
“These reductions to both our two-year and five-year fixed rates will help brokers support their landlord clients in achieving the best deal.”
