The changes to residential remortgage and residential product transfer deals will come into force on 7 July.
On the new business side, all 60-75% loan-to-value (LTV) two-year fixed residential remortgage rates will fall by up to 0.16%.
All 60-75% LTV five-year fixed residential remortgage rates will decrease by up to 0.1%.
Within its product transfer range, all 60-75% LTV two-year fixed residential rates will decrease by up to 0.13%.
The lender added that all 60-75% LTV five-year residential fixed deals are decreasing by up to 0.1%.
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Earlier this week, Santander said it had updated its product transfer process to allow borrowers to choose when a new deal starts.
Hinckley & Rugby BS to cut fixed rates
Hinckley & Rugby Building Society will lower mortgage rates by up to 0.23% across its mortgage range, including the core, fixed, Income Flex, Credit Flex and Flex Plus ranges.
Within its core range, its five-year fixed rates at 80% LTV will go down by 0.23% to 5.39%, while its 90% LTV version will decrease by 0.18% to 5.64%.
On the Income Flex side – which is for customers with non-standard income – its two-year fixed rate at 80% LTV will fall by 0.21% to 5.89%, and at 90% LTV, the decrease will be 0.1% to 6.15%.
The lender’s five-year fixed rate at 80% LTV will be cut by 0.16% to 5.69%, and at 90% LTV, the decrease is pegged at 0.16% to 5.69%.
Looking at its Credit Flex range – which is for borrowers with historical credit issues – the firm’s two-year fixed rate at 80% LTV will decrease by 0.11% to 5.99% and its five-year fixed rate at 80% LTV will decrease by 0.1% to 5.79%.
On the Flex Plus side – aimed at borrowers with complex affordability or specialist needs – its two-year fixed rate at 80% LTV will reduce by 0.1% to 6.15%, and at 90% LTV, the rate will stand at 6.3%.
The firm’s five-year fixed rates at 80% and 90% LTV in this range will decrease by 6.22% and 6.27% respectively.
Hinckley & Rugby has also amended rates across its full retention range, with reductions of up to 25 basis points now in effect.
Laura Sneddon, head of mortgage sales and distribution at Hinckley & Rugby for Intermediaries, said: “Our latest rate changes are designed to give brokers competitive solutions in areas of the market where flexibility is vital. Whether it’s non-standard income, credit complexity or long-term affordability, these products offer strong options for clients who may struggle to access mainstream deals.
“By reducing rates across a range of specialist and core products, we’re giving brokers more room to manoeuvre, with pricing that stays competitive while still backed by the tailored, case-by-case approach we’re known for.
“At the same time, we’re also making sure our existing borrowers are well-served. The updates to our retention range allow brokers to support clients beyond their initial fixed term with improved value and a smoother product transfer process.”
