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TSB and Molo cut rates; Santander shortens PT window – round-up

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  • 31/05/2024
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TSB and Molo cut rates; Santander shortens PT window – round-up
TSB has reduced mortgage rates by up to 0.25% as of today.

Across TSB’s buy-to-let (BTL) offering, the lender has cut pricing by the headline rate on two- and five-year fixes.  

The lender has also reintroduced fee-free purchase and remortgage options for BTL borrowers on two- or five-year fixed terms. 

TSB has lowered product transfer rates, with reductions of up to 0.15% on five-year fixes, up to 0.05% on three-year fixes and up to 0.1% on two-year fixes. 

For BTL product transfer, TSB has cut rates by up to 0.05% on two-year fixes and 0.1% on five-year fixes. 

Its additional borrowing mortgage rates will be reduced by up to 0.15% for residential borrowers and 0.1% for BTL borrowers. 

Last week, TSB lowered residential rates and reintroduced select tracker house purchase and remortgage products.

 

Molo cuts BTL rates by up to 0.33% 

Molo has cut its BTL rates by up to 0.33%, with reductions applied to two- and five-year fixes. 

Its two-year fixed rates now start from 4.72%, while five-year fixes begin from 5.21%. 

Specialist product rates, for houses in multiple occupation (HMOs), multi-unit freehold block (MUFB), holiday let and new-build properties, have a 0.1% premium. 

Mark Michaelides, chief commercial officer at Molo, said: “Following our successful debut securitisation earlier this month, we are delighted to announce rate reductions across our UK resident buy-to-let fixed rate proposition, providing landlords with different fee options to suit their financing needs across a range of flexible products.” 

 

Santander reduces product transfer window 

Santander has shortened the product transfer window from six to four months, giving borrowers just four months to secure a new rate before their current deal ends. 

The lender said that, as rates had begun to stabilise and looked set to fall, there was only a “very low percentage” of borrowers who requested a new deal within the 4-6-month period before their deal ended. 

It will reduce the product transfer window from 11 June while honouring the Mortgage Charter measures. 

Santander will hold the product completion deadline for product transfers launched in June and July that are yet to complete. 

The retention window will shorten incrementally, with just over six months given to products launched in May, just over five months for deals launched in June and just over four months for options launched in July. 

Currently, only borrowers with a deal ending up to and including 4 December will be able to secure a new deal. From 13 August, borrowers with a deal ending up to and including 4 January 2025 will be eligible for a new deal. 

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