This will apply to buy-to-let (BTL) products offered by TML, and residential products from both lenders.
TML’s residential product rates have been cut by as much as 0.35% across two- and five-year fixes, with pricing starting at 5.49%.
Across its BTL products, TML has reduced five-year fixed standard rates for individual and limited company borrowers. This includes a deal with a 5% completion fee, with pricing now from 4.41%.
At Bluestone Mortgages, rate cuts of up to 0.25% have been made across residential purchase and remortgage products to start at 5.99%.
Steve Griffiths, commercial director for retail mortgages at Shawbrook, said: “We are pleased to announce a host of rate reductions across our retail mortgage brands in order to better support brokers and their clients. As a lender, we are keen to regularly review and improve our offerings to ensure that we are well-placed to support brokers who may have clients with diverse circumstances.
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“Looking ahead, we are eager to continue to deliver a competitive selection of products to support landlords, the self-employed and customers with complex income or credit profiles.”
ModaMortgages reprices BTL rates and adds deals
ModaMortgages has cut pricing on selected BTL rates by up to 0.4%.
Pricing for its two-year fixes now starts from 3.19%, and 4.79% for five-year fixes.
The lender has also launched small house in multiple occupation (HMO) and multi-unit freehold block (MUFB) products, starting at 3.29% for two-year fixes and 4.89% for five-year fixes.
Products are available to a variety of landlord types, including individuals and limited companies, and all feature free valuations and no application fee.
The news comes shortly after the lender announced it was accepting day one remortgages for bridge exit applications, and that it had increased its maximum loan to value (LTV) to 80%.
Darrell Walker, group sales director at ModaMortgages, said: “As the home of smarter, faster, simpler BTL borrowing, we’re always looking for new ways to help brokers meet their clients’ needs.
“This reprice will see rates cut by as much as 40bps on selected products in our standard range and the introduction of HMO and MUFB-specific products, which are ideal for properties with up to six bedrooms or units.”
Redwood improves BTL affordability
Redwood Bank has updated its criteria to improve affordability calculations for landlord borrowers and will consider the financial benefits of limited companies and special purchase vehicles in its assessments.
It has also introduced an alternative fee option on two- and three-year fixed rates, with either 2% or 5% fees.
Tom Worbey, senior lending product manager at Redwood, said: “Professional landlords have handled many challenges in recent times, including elevated interest rates that have eroded their returns and reduced their leverage, notably in the South, where property yields are lower.
“At Redwood, we support experienced property landlords and know that many of them are now approaching the end of deals held on historically low rates. We knew we needed to act to help support them to achieve the leverage they need in this current interest rate environment in order to continue to invest in and grow their property portfolios.”
Worbey added: “We started this last year by introducing our Alternative Fee product, offering a higher arrangement fee in return for a lower interest rate. Now, in consultation with our brokers, we have identified further initiatives to help landlords secure the funding they need to grow.
“This includes removing previously applied automatic cost deductions in our affordability calculations.”
