Barclays adds five-year fix and cuts mortgage rates; Virgin and Clydesdale tweak SVRs – round-up

Barclays adds five-year fix and cuts mortgage rates; Virgin and Clydesdale tweak SVRs – round-up

Reductions include Barclays’ purchase-only two-year fix at 60% loan to value (LTV) for premier borrowers, which has gone down from 4.67% to 4.49%. This has an £899 product fee. 

The lender has also lowered the equivalent mortgage rate for standard borrowers from 4.68% to 4.52%. The rate on the fee-free option has dropped from 4.88% to 4.71%. 

Reductions of up to 0.33% have also been made to select five-year fixed deals at 60% and 75% LTV, including a fee-free option at 75% LTV, which has been cut from 4.57% to 4.24%. 

Barclays has also lowered remortgage rates at 60% and 75% LTV tiers on two- and five-year fixed rates, either with or without a fee. 

Changes are effective from 12 July.

The lender has also added a remortgage-only product at 75% LTV, which is a fee-free five-year fixed deal under its Great Escape range and priced at 4.68%. 

This is the second time in the last two weeks that Barclays has reduced mortgage rates. 

 

Virgin and Clydesdale adjust SVRs 

Virgin Money and Clydesdale Bank have lowered their variable mortgage rates. 

From today, the standard variable rate (SVR) at both lenders has been cut from 9.49% to 9.24%. 

Virgin Money’s buy-to-let (BTL) variable rate has gone down from 9.69% to 9.44%. 

Clydesdale Bank’s offset variable rate has moved from 9.7% to 9.45%, while its BTL variable rate and offset variable investment housing loan rate has fallen from 9.99% to 9.74%. 

This week, Virgin Money has reduced rates on its exclusive mortgage range and released a product with up to £15,000 cashback to encourage borrowers to make their homes more energy efficient.

Clydesdale Bank reduces rates and ups large loan size

Clydesdale Bank reduces rates and ups large loan size

Within its core residential offering, selected 65-75% loan to value (LTV) will be cut by up to 0.15% and start from 4.44%. 

At 95% LTV, the bank has cut rates by 0.2% and pricing now starts at 5.34%. 

Across its products for professional and newly qualified professional borrowers, Clydesdale Bank has reduced selected rates by up 0.38%. 

Pricing has been cut by up to 0.15% on exclusive remortgage options, and now begin at 4.52%. The lender’s purchase rates have been lowered by up to 0.18% and start from 4.61%. 

Clydesdale Bank has also increased the maximum loan size available on exclusive large loan options. At 65% and 75% LTV, the loan band now starts at £750,000 up to £2.5m. 

 

Buy to let changes 

Clydesdale Bank has also refreshed its buy-to-let (BTL) mortgage range. 

This includes reductions of up to 0.73% on its two- and five-year fixed products. The lender will also add products with a £3,999 fee to new business customers. 

Changes will apply from 2 July. 

Last month, Clydesdale Bank made changes to its mortgage offering.

Clydesdale Bank makes mortgage rate changes

Clydesdale Bank makes mortgage rate changes

The mortgage rate changes from Clydesdale Bank will apply from 14 June.

Within its core residential range, selected fee and fee-free five-year fixed rates at 95% loan to value (LTV) will go up by 0.2%.

On the exclusive purchase and remortgage side, its two-year fixed rate at 90% LTV will rise by 0.15%, while its two-year fixed remortgage deal at 80% and 85% LTV will increase by 0.1%.

In its professional range, its five-year fixed rate for newly qualified professionals at 95% LTV will go up by 0.2%

Applications for the above products will need to be submitted by 8pm today (13 June) in order to secure the former rate.

Clydesdale Bank will lower selected 65% and 75% LTV fee and fee-free deals in its existing customer residential deals by 0.1%.

In its purchase and remortgage core residential, 65% and 75% LTV fixed rates will fall by 0.15%, and exclusive remortgage products at 75% LTV will decrease by 0.15%.

At the end of last month, the bank added exclusive rates and withdrew deals.

Clydesdale Bank adds exclusive products, cuts rates and withdraws deals

Clydesdale Bank adds exclusive products, cuts rates and withdraws deals

Clydesdale Bank’s changes to the exclusive rates will come into force from 31 May.

Within its exclusive customer BTL range, the lender is adding a two-year fixed rate with a £1,999 fee at 5.6% for loans between £500,000 and £1m.

Clydesdale Bank is also bringing out a five-year fixed rate with a £1,999 fee at 5.2% for loans between £500,000 and £1m.

Two- and five-year fixed rates with a £499 fee, starting from 5.09%, have been introduced as well.

On the residential purchase exclusive side, Clydesdale Bank is adding a two-year fixed rate with a £1,499 fee at 80% loan to value (LTV) at 5.06%.

The firm is bringing out a five-year fixed rate at 80% LTV with a £1,499 fee at 4.78%.

In its existing customer residential and BTL ranges, Clydesdale Bank’s 65% and 75% LTV C&I fee and fee offer rates will be reduced by 0.1%.

Selected 60% and 75% LTV BTL fee-offer rates will be reduced by up to 0.3%, while selected BTL rates with a £1,999 fee will be cut by up to 0.16%.

Clydesdale Bank is also withdrawing its exclusive purchase two-year fixed rate at 75% LTV 5.02% and five-year fixed rate at the same LTV at 4.74%.

The lender last made changes to its range earlier in May.

Newcastle BS enhances large loan criteria; Clydesdale Bank ups rates – round-up

Newcastle BS enhances large loan criteria; Clydesdale Bank ups rates – round-up

The lender said that it will include products up to 85% loan to value (LTV) and increased loan amounts below 80% LTV.

The firm has also increased the amount allowed for part and part mortgages up to 85% LTV. The maximum LTV for interest-only is 75%.

Newcastle Building Society will allow the use of a combination of repayment vehicles, including downsizing via the sale of mortgaged property.

Downsizing remains capped at 60% and has minimum equity requirements, and additional repayment vehicles can be used up to a maximum LTV of 75%.

The firm’s two-year fixed rate in this range is 5.7% up to 85% LTV for loans from £500,000 and £1m. It has early repayment charges (ERCs) starting at 2% in the first year of the term and then going down to 1%.

Newcastle Building Society also offers a five-year fixed rate at 5.2% up to 85% LTV for loans between £500,000 and £1m. It has ERCs that start at 5% then fall 1% per year.

The product comes with a £1,999 fee, offers enhanced income multiples of up to five-and-a-half times and allows up to 0.1% in overpayments per year.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We’re always listening to our broker partners, which is why we’ve taken the decision to expand our large loan proposition to include 85% LTV products and increase loan amounts across all LTVs.

“The updates to our large loans proposition not only reflect our commitment to supporting our intermediary partners, but enable us to continue to deliver a great range of options for brokers and their higher-earning clients.”

 

Clydesdale Bank ups select rates

Clydesdale Bank has increased select exclusive remortgage, professional, offset discount and new and existing customer deals.

On the exclusive residential side, two- and five-year fixed rate remortgage deals at 75% LTV will go up by around 0.3%, along with selected two- and five-year fixed purchase rates.

Two- and five-year fixed rates for loans between £1m and £2m at 65% and 75% LTV will rise by around 0.2%.

In its professional range, two- and five-year fixed rates at 75% LTV will go up by around 0.35% and all offset discount rates will increase by around 0.1%.

Two- and five-year fixed rates at 65% and 75% LTV in its new and existing customer range will rise by around 0.2%.

Clydesdale Bank ups rates; Buck BS launches deals – round-up

Clydesdale Bank ups rates; Buck BS launches deals – round-up

The lender will increase rates from 11 April.

For professional products, selected two- and five-year fixed rate deals will be upped by up to 0.06%.

On the exclusive residential remortgage side, selected two- and five-year fixed rates will rise by up to 0.05%.

Two-year variable offset discount products will increase by 0.1%.

Last month, Clydesdale increased its mortgage rates across select mortgages.

 

Buck BS brings out duo of deals and ups rates

Buckinghamshire Building Society has launched two mortgage products and repriced its entire existing product range.

The firm has added a three-year fixed rate impaired credit mortgage, which is “ideal for clients who are looking to get their finances back on track following credit issues” and its retirement interest-only (RIO) five-year discount product with a valuation option and reduced product fee.

Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “Over the last couple of months, we’ve completed a thorough review of our product range with the aim of making it more accessible for more applicants, whether that’s by making adjustments to criteria, reducing product fees or launching innovative new features.

“Our latest product launch and rate refresh continues in this theme, and we’ll be taking it a step further tomorrow when we open up desktop valuation options on our buy-to-let [BTL] products.”

She added: “Continuous analysis of the market and the desire to offer more competitive and less-restrictive products has driven these changes across our entire range.

“I believe that, with these changes and the combination of our manual underwriting process and highly experienced key account managers and support teams, we’re in the position to help more applicants with complex issues than ever before.”

Santander accepts Universal Credit as second income; Clydesdale refreshes rates – round-up

Santander accepts Universal Credit as second income; Clydesdale refreshes rates – round-up

The change from Santander will apply from 18 March and borrowers must be receiving another source of earned income either as an employed or self-employed worker. 

This primary source of income must be evidenced on the Universal Credit statement. 

Proof of the last six months of Universal Credit payments are required for an assessment, along with a breakdown of payments and deductions.

Santander will not accept bank statements as proof of Universal Credit income. 

It will calculate affordability using an average of the last six months of Universal Credit payments minus the latest month’s housing benefit. 

 

Clydesdale Bank increases mortgage rates 

Clydesdale Bank will be increasing rates across select mortgages from 19 March. 

Its residential two- and five-year fixed rates at 65 and 75 per cent loan to value (LTV) will rise by as much as 0.13 per cent, while two-year fixes for professional borrowers at 75 per cent LTV will go up by 0.05 per cent. 

Its exclusive residential two- and five-year fixed rates will be increased by up to 0.1 per cent. 

Clydesdale Bank is reducing select buy-to-let (BTL) and interest-only mortgage rates. 

Its two- and five-year fixed BTL rates will be cut by 0.3 per cent, while select two- and five-year fixed interest-only deals at 80 per cent LTV will be reduced by 0.05 per cent. 

This is the second time this month it has amended its mortgage rates. Earlier in March, Clydesdale Bank made increases across select products for new and existing borrowers.

Barclays, Natwest and Clydesdale edge mortgage rates up – round-up

Barclays, Natwest and Clydesdale edge mortgage rates up – round-up

The reductions have been made to purchase-only tracker mortgage rates for existing buy-to-let (BTL) borrowers. 

This includes the two-year deal at 60 per cent loan to value (LTV) with a £1,295 fee. This has been cut from 6.48 per cent to 6.2 per cent. 

The corresponding option at 75 per cent LTV has been reduced from 6.5 per cent to 6.25 per cent. 

Barclays – which reported £22.7bn in gross mortgage lending in 2023 – has also launched a premier exclusive product for residential purchase. This is a three-year fix at 60 per cent LTV with a £999 fee. This has a rate of 4.34 per cent and is available for loans ranging from £5,000 to £2m. 

The lender has increased rates for existing purchase and remortgage products for residential borrowers. 

This includes the two-year fixed purchase mortgage at 60 per cent LTV with a £899 fee, which has risen from 4.39 per cent to 4.54 per cent, and the fee-free option, which has gone up by 0.1 per cent to 4.68 per cent. 

Across higher-LTV deals, the fee-free two-year fixed rate at 90 per cent LTV has been increased from 5.43 per cent to 5.66 per cent. 

Rate increases have also been made to Barclays’ five-year fixes, green mortgages and remortgage options. 

The lender has made changes to its fixed rate early repayment charges (ERCs) so all two-year products are set at two per cent of the balance repaid, three-year products at three per cent, five-year products at four per cent and 10-year products at six per cent. 

 

Natwest 

Natwest has increased rates for existing borrowers by up to 0.1 per cent. 

This applies to two- and five-year fixed switcher products, such as the two-year fix at 60 per cent LTV with no fee. This has risen by 0.05 per cent to 4.99 per cent, while the options with a £495 fee and a £995 fee have gone up by the same amount to 4.89 per cent and 4.69 per cent respectively. 

Increases across its five-year fixed switcher products include the product at 60 per cent LTV with a £995 fee, which has gone up from 4.24 per cent to 4.34 per cent. 

The equivalent options with a £495 fee and no fee have increased by the same amount to 4.44 per cent and 4.54 per cent respectively. 

At 90 per cent LTV, the fee-free five-year fixed switcher rate has increased by 0.05 per cent to 5.44 per cent. 

 

Clydesdale Bank 

Clydesdale Bank has made rate increases across select mortgage products. 

For new and existing residential borrowers, two- and five-year fixed rates at 65 and 75 per cent LTV will rise by up to 0.29 per cent. 

Its two- and five-year fixes for professional borrowers will increase by as much as 0.29 per cent. For BTL borrowers, two-year fixes at 60 per cent LTV will rise by up to 0.06 per cent in rate. 

Elsewhere, Clydesdale Bank will increase select two- and five-year fixed rates for BTL borrowers by as much as 0.45 per cent. 

It has launched exclusive remortgages for residential borrowers, with two- and five-year fixes at 75 to 85 per cent LTV with a £1,499 fee. These have rates starting from 4.54 per cent. 

Clydesdale Bank has launched exclusive residential purchase deals, fixed for two and five years at 75 to 90 per cent LTV. These also have a £1,499 fee and rates start from 4.44 per cent. 

Exclusive large loan products for residential borrowers have also been added, fixed for two or five years at 75 to 90 per cent LTV, with rates beginning at 4.53 per cent. 

Santander cuts rates; Clydesdale launches deals and adjusts pricing – round-up

Santander cuts rates; Clydesdale launches deals and adjusts pricing – round-up

From 13 February, the lender will cut select standard residential fixed rates for remortgage by between 0.05 per cent and 0.16 per cent. This applies to new borrowers. 

Also, for new business, all BTL fixed rates will be reduced by between 0.05 per cent and 0.15 per cent. 

Santander will also lower the corresponding options in its product transfer range by the same amount. 

Elsewhere, the bank will be increasing its one-year fixed residential product transfer rates by between 0.07 per cent and 0.17 per cent. 

Earlier this month, Santander lowered purchase rates by up to 0.2 per cent.

 

Clydesdale makes rate changes 

Clydesdale Bank has made a series of changes to its range. 

From 8pm on 12 February, the lender will increase select residential fixed rates by up to 0.2 per cent, and withdraw exclusive residential purchase products at 65 per cent loan to value (LTV) and selected professional and newly qualified professional deals. 

Applications must be submitted by 8pm to secure outgoing products. 

From 13 February, Clydesdale Bank will reduce select two- and five-year fixed rates at 95 per cent LTV by up to 0.3 per cent, and select fixed rates for professional and newly qualified professional options will be cut by up to 0.6 per cent. 

The minimum loan size for professional mortgages has also been lowered to £100,000. 

Within its exclusive range, the lender has added two- and five-year fixed rates to its interest-only range at 65 per cent LTV and 75 per cent LTV for borrowing amounts between £1m and £2m. Rates across this range will start at 4.18 per cent. 

The minimum loan size across select purchase and remortgage fixed rates in its exclusive offering will be lowered to £150,000. 

 

Virgin launches broker campaign 

Virgin Money has set up a broker campaign where it will offer prizes in return for feedback on its service. 

The first prize announced for the ‘Bringing you more in 2024’ campaign is a two-week safari trip to Kenya. 

Richard Walker, Virgin Money’s head of intermediary sales, said: “The ‘Bringing you more in 2024’ campaign is all about getting genuine feedback from our intermediary partners so that we can continue to make our service the best it possibly can be. ‘Bringing you more’ offers a years’ worth of money-can’t-buy prizes, and the feedback we receive will be invaluable in helping us address key issues within our mortgage process.” 

Clydesdale and Coventry BS cut rates – round-up

Clydesdale and Coventry BS cut rates – round-up

Clydesdale will implement the changes to fixed rates from today.

For new and existing customers, selected two and five-year fixed rates have been reduced by up to 0.72 per cent.

Selected two and five-year interest-only fixed rates have fallen by around 0.37 per cent.

Within its exclusive large loan deals, selected two and five-year fixed rates have decreased by up to 0.72 per cent. These deals are available for loan sizes between £1m and £2m.

For exclusive purchase and remortgage deals, selected purchase two and five-year fixed rates have gone down by up to 0.30 per cent and start from 4.14 per cent.

Clydesdale has reduced selected remortgage two and five-year fixed rates by up to 0.62 per cent and pricing begin from 4.19 per cent.

Within its professional range, selected professional and newly qualified professional fixed rates have fallen by up to 0.41 per cent with rates beginning from 4.49 per cent.

 

Coventry BS lowers fixed rates

Coventry Building Society has lowered the majority of its fixed rates, with rates falling by u to 0.37 per cent.

Rates at 90 to 95 per cent loan to value (LTV) have been cut to help first-time buyers and select deals offer £500 cashback.

Highlights include a five-year fixed rate at 90 per cent LTV with no fee is priced at 4.64 per cent. It is available for first-time buyers.

Its two-year fixed rate 75 per cent LTV with £999 fee is priced at 4.42 per cent. It is available for residential remortgage with an option of £350 cashback or remortgage transfer service.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Providing value to customers is a top priority for us, so we’re keeping a close eye on the market to pass on rate reductions wherever we can.

“Fixed rates remain popular, so we’ve reduced all of our standard two, three and five-year deals to give brokers the options they need to help their clients.”