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.”

Clydesdale Bank slashes rates by up to 0.47 per cent

Clydesdale Bank slashes rates by up to 0.47 per cent

The changes from Clydesdale come into effect from today. New and existing residential customer products, selected two and five-year fixed rates will fall by up to 0.21 per cent along with selected two and five-year interest-only fixed rates.

On the exclusive residential large loan side, which are available for loan sizes between £1m and £2m, select two and five-year fixed rates will decrease by up to 0.21 per cent as well.

Within its exclusive purchase and remortgage deals, purchase two and five-year fixed rates will be cut by up to 0.47 per cent, beginning from 4.27 per cent.

Two and five-year fixed remortgage rates will decrease by around 0.33 per cent with pricing starting from 4.6 per cent.

Selected professional and newly qualified professional fixed rates will be reduced by up to 0.21 per cent, now beginning from 4.9 per cent.

Within its buy-to-let range, five-year fixed rates will be reduced by up to 0.3 per cent and selected existing customer two and five-year fee-saver fixed rates will be reduced by up to 0.32 per cent.

Just before the Christmas break, Mortgage Solutions reported that Clydesdale Bank updated its product switching policy for pipeline cases to give brokers more flexibility.

Product switching policy improved at Virgin Money and Clydesdale Bank

Product switching policy improved at Virgin Money and Clydesdale Bank

The updated product switching process means that brokers can change their customer’s previously selected product onto a new product from its new business range as many times as needed prior to completion.

The lender said that it knew that this was “important” to brokers and the change came following feedback.

The firm continued that product switching was available in cases that were at the pre-offer or post-offer stage until it had received the certificate of title from the solicitor.

 

Work the mortgage process

It added that for Virgin Money cases a new mortgage product switch form should be completed and could be found on the website.

The company said that for both lenders a mortgage product switch form or change of application form would need to be completed and the request would be reviewed within five working days.

If the case is not at the offer stage, then the product would be updated and once this was changed, a new offer would be issued to the customer.

 

No change on product transfers

It said that there was no change in approach for existing customers taking a product transfer and it would accept pipeline product switches as usual.

Richard Walker, head of intermediary sales at Virgin Money said: “As an intermediary-led lender we value the feedback we receive from brokers and are constantly looking at ways in which we can improve the service they receive from us.

“Following last week’s improvements to affordability for residential mortgages fixed for five years or longer, it’s great that we are now able to offer multiple product switches on applications pre-completion.”

Virgin Money recently extended its maximum mortgage term for all residential mortgage to 40 years and updated its affordability assessment for residential mortgages fixed for five years or longer.

Virgin Money agreed a £1.7bn takeover of Clydesdale Bank in 2018 after reaching an agreement with the latter’s owner, CYBG Group.

Clydesdale and Leeds BS reduces rates – round-up

Clydesdale and Leeds BS reduces rates – round-up

On the exclusive purchase side, the lender has added a two-year fixed rate at 75 per cent loan to value (LTV) deal at 5.28 per cent.

The firm has also brought out a two and five-year fixed rate at 85 per cent LTV at 5.56 per cent and 5.02 per cent respectively.

These deals are available for loan sizes between £300,000 and £600,000.

Clydesdale has added exclusive professional purchase deals, including a two and five-year fixed rate deal at 75 per cent LTV at 5.61 per cent and 5.09 per cent apiece.

These products are available between £150,000 and £1m.

Within its exclusive large loan range, its two and five-year fixed rate at 65 per cent LTV has fallen by 0.13 per cent and 0.24 per cent to 5.4 per cent and 4.95 per cent respectively.

The lender’s two and five-year fixed rate at 75 per cent LTV have been cut by 0.25 per cent and 0.22 per cent to 5.5 per cent and 5.04 per cent respectively.

Loans available range from £1m to £2m.

In its new and existing customer product range, selected two-year fixed rates have been reduced by up to 0.26 per cent.

Selected five-year fixed rates have decreased by up to 0.22 per cent and selected professional and newly qualified professional fixed rates reduced by up to 0.18 per cent.

 

Leeds BS cuts rates

Leeds Building Society has improved its rates at 75 and 80 per cent LTV following the decision by the Bank of England to hold the base rate at 5.25 per cent.

This includes its two-year fixed rate hero mortgage product at 75 per cent LTV with £999 fee which now stands at 5.23 per cent.

Its two-year fixed rate at 80 per cent LTV is 5.6 per cent with a £999 fee.

Sean Hanson, senior mortgage manager at Leeds Building Society, said: “The Bank of England’s decision yesterday to hold interest rates will come as good news for homeowners and those looking to step onto the property ladder.

“Despite rates staying flat, we are pleased to be able to make further rate reductions to support first-time buyers and borrowers who are coming towards the end of their current mortgage term.”

Clydesdale Bank cuts fixed mortgage rates

Clydesdale Bank cuts fixed mortgage rates

A pair of 90 per cent loan to value (LTV) purchase deals have been reduced by 0.15 per cent.

Fixed for two years, borrowers can secure a rate of 5.89 per cent. Over a longer term of five years, the rate falls to 5.35 per cent.

These deals are available for loan sizes between £300,000 and £600,000.

The bank’s remortgage range will be boosted by two new remortgage deals at 85 per cent LTV. Both come with £500 cashback. A two and five year deal will be added to the range with rates starting from 5.24 per cent.

Rate cuts of up to 0.27 per cent have been applied to selected remortgage deals.

 

Large loan deals reduced

Large loan deals, for loan sizes between £1m and £2m, for borrowers with 25 per cent equity have also been reduced. A two-year fixed rate has been cut by 0.16 per cent to 5.75 per cent. The five-year option has been reduced by 0.12 per cent to 5.26 per cent.

Other highlights from the rate cuts include reductions of up to 0.27 per cent on selected professional and newly qualified professional fixed rates. Two-year offset discounted rates will be reduced by 0.20 per cent while selected two and five-year deals for new and existing borrowers will be cut by up to 0.27 per cent.

Rate cuts of up to 0.30 per cent have been applied to some buy-to-let fixed rate deals.

Clydesdale adds exclusives and cuts rates; BM Solutions to reduce rates – round-up

Clydesdale adds exclusives and cuts rates; BM Solutions to reduce rates – round-up

The changes come into force from tomorrow.

The exclusives include two-year fixed professional purchase rate at 85 per cent loan to value (LTV) at 6.1 per cent and a five-year fixed rate at the same LTV tier the rate is 5.29 per cent.

These deals are available for loan sizes between £150,000 and £1m.

On the large loan size, two-year fixed rates at 65 per cent LTV will fall by 0.35 per cent to 5.53 per cent. Its five-year fixed rate at the same LTV tier will be cut by 0.2 per cent to 5.19 per cent.

Its two and five-year fixed rate at 75 per cent LTV will be reduced by up to 0.05 per cent.

These deals are available for loan sizes between £1m and £2m.

Within its new and existing customer product ranges, its professional two-year fixed rates will be cut by 0.1 per cent to 6.09 per cent.

Selected professional five-year fixed rates will be reduced by up to 0.05 per cent and rates will begin from 5.35 per cent.

Newly-qualified professional two-year fixed rates will fall by up to 0.25 per cent, starting from 6.14 per cent.

Five-year fixed newly-qualified professional rates will decrease by up to 0.25 per cent and begin from 5.55 per cent.

Selected two and five-year fixed rates will be reduced by up to 0.25 per cent.

 

BM Solutions rates decrease

Buy-to-let specialist BM Solutions will lower buy-to-let and let-to-buy rates from next Monday.

Examples of changes include its fee-free two-year fixed homebuyer rate at 50 per cent loan to value (LTV) will go down by 0.91 per cent to 6.14 per cent.

At 65 per cent LTV, rates will fall by 0.91 per cent to 6.34 per cent and at 75 per cent LTV will decrease by 6.74 per cent.

The average loan size for 50 and 65 per cent LTV range from £35,000 to £1m and at 75 per cent LTV the loan sizes range from £25,000 to £750,000.

On the remortgage side, its fee-free two-year fixed rate at 50 per cent LTV will decrease from 0.17 per cent to 6.14 per cent and at 65 per cent LTV the same cut has been made and the rate stands 6.34 per cent.

At 75 per cent LTV, the rate will fall by around 0.68 per cent to 6.74 per cent.

Barclays cuts rates; Clydesdale lowers rates and adds products – round-up

Barclays cuts rates; Clydesdale lowers rates and adds products – round-up

The changes come into force from tomorrow.

Within its residential range, its two and five-year fixed purchase rates have gone down by around 0.1 per cent. Its two-year fixed rate at 60 per cent loan to value (LTV) with £899 product fee has decreased from 5.78 per cent to 5.68 per cent.

The lender has also lowered its remortgage rates for both two and five-year fixed products. This includes its two-year fixed rate with £999 fee at 60 per cent LTV, which has fallen from 5.98 per cent to 5.88 per cent.

Barclays has also cut products in its existing customer reward range across its residential and buy-to-let products.

This includes its two-year fixed residential rate with £999 fee at 60 per cent LTV, which has gone down from 5.95 per cent to 5.87 per cent.

Within its buy-to-let range, its two-year fixed rate at 60 per cent LTV with £1,795 fee has fallen by 6.2 per cent to 5.8 per cent.

 

Clydesdale reduces exclusive products

Clydesdale has lowered select exclusive remortgage with £500 cashback rates at 80 per cent LTV by around 0.11 per cent.

The changes come into effect from tomorrow.

This includes its two-year fixed rate which has decreased by 0.11 per cent to 5.99 per cent and its five-year fixed rate that has fallen by 0.1 per cent to 5.49 per cent.

The firm has brought out a two and five-year fixed rate product at 75 per cent LTV at 5.95 per cent and 5.25 per cent respectively.

These deals are available for loan sizes between £200,000 and £1.5m.

Within its exclusive large loan range, its two-year fixed rates at 65 and 75 per cent LTV will be reduced by 0.1 per cent and start from 5.88 per cent.

Its five-year fixed rate at 75 per cent LTV will fall by 0.06 per cent to 5.43 per cent.

These deals are available for loan sizes between £1m and £2m.

For new and existing customer products, professional two and five-year fixed rates will fall by 0.1 per cent and begin from 6.18 per cent and 5.35 per cent apiece.

Newly qualified professional two-year fixed rates between 75 and 90 per cent LTV will decrease by 0.1 per cent and begin from 6.35 per cent.

Five-year fixed rates in this range have been cut by 0.2 per cent and are priced from 5.65 per cent.

Selected two and five-year fixed rates will be reduced by up to 0.10 per cent.

Virgin Money changes variable revert rates

Virgin Money changes variable revert rates

Virgin Money and Clydesdale Yorkshire Bank’s residential standard SVR will rise from 9.24 per cent to 9.49 per cent.

Virgin Money’s loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will go up from 8.99 per cent to 9.24 per cent.

The lender’s buy-to-let variable rate will increase from 9.44 per cent to 9.69 per cent.

The revised rates will come into force for Virgin Money’s existing customers from 1 October, and for new customers from 6 September.

For Clydesdale and Yorkshire Bank, its residential offset variable rate will increase from 9.45 per cent to 9.70 per cent.

The buy-to-let revert rate, offset variable investment housing loan rate, will rise from 9.74 per cent  to 9.99 per cent.

The revised rates will take effect for existing customers from their next payment date after 6 September, and for new customers from 6 September.