Changes are effective from 14 January and include the two-year fixed purchase product at 60% loan to value (LTV) with a £1,495 fee, which has been reduced from 3.62% to 3.57%.
Meanwhile, the equivalent option with a £995 fee has fallen from 3.67% to 3.62%.
At 90% LTV, the two-year fixed purchase mortgage with a £995 fee has been reduced by 0.06% to 4.14% and the fee-free option at 90% LTV has been reduced by 0.08% to 4.66%.
Changes have also been made to five-year fixed rate purchase products and two- and five-year fixed remortgages.
For first-time buyers, the two-year fix at 90% LTV with a £995 fee and £250 cashback has been reduced from 4.2% to 4.14%.
The changing role of the Bank of Mum and Dad
Sponsored by Aldermore
Across the five-year fixes, the fee-free option at 90% LTV has been cut by 0.05% to 4.28% and the option with a £995 fee by the same amount to 4.15%. Both offer £250 cashback.
NatWest has also lowered further advance mortgage rates.
Newcastle BS cuts PT rates
Newcastle for Intermediaries, the broker-facing arm of Newcastle Building Society, has lowered rates across its product transfer offering.
Pricing now starts at 3.69%, following cuts of up to 0.14% up to 95% LTV.
Francesco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We know how important it is for brokers to be able to offer existing customers competitive options as they approach maturity. Over 70% of our customers with a product maturing this year will see a reduction in rate, so by allowing brokers to switch their clients’ deals three months before maturity, borrowers can start saving straight away. It also means brokers don’t need to wait until maturity to receive their proc fee.
“These rate reductions reinforce our commitment to supporting intermediaries with a strong, easy-to-use product transfer proposition that helps deliver certainty and value for borrowers.”
Santander increases mortgage pricing
Santander has made mortgage rate increases to new business and product transfer mortgages.
Across its new business range, all three-year fixed rates for residential homemovers at 60% and 75% LTV will rise by up to 0.1%, and all five-year fixed rates between 60% and 95% LTV will go up by around the same.
All five-year fixed rates for first-time buyers at 85%, 90% and 95% LTV will increase by up to 0.06%, as will two-year fixed remortgages with a £1,999 fee, which will rise by 0.01%.
Elsewhere, Santander is increasing all five-year fixed rates at 60% and 75% LTV by as much as 0.07%.
Across its product transfers, all residential five- and seven-year fixed rates at 60% and 75% LTV will increase by as much as 0.07%, while the two-year fix at 75% LTV with a £1,999 fee will rise by 0.01%.
All buy-to-let (BTL) product transfer rates at 60% LTV, fixed for two or five years, will go up by up to 0.06%.
The changes will apply from 14 January.
