New business and product transfer fixed rate increases and decreases

On Friday 28 March, we’re reducing most fixed rates in our home mover and FTB ranges with some 5 year fixed rates increasing. The existing home mover 95% LTV 2 year tracker is reducing. We’re increasing selected 2 and 5 year remortgage fixed rates. There’s no change to large loan rates.
 
Selected BTL purchase and remortgage 2 year fixed rates are reducing.
 
In our product transfer range, we’re increasing some residential fixed rates and reducing some BTL fixed rates. There’s no change to tracker rates.    
 
Please note: we've offered separate new business FTB and home mover product ranges since 4 March so you must make sure you’re using the correct product range. Where one applicant is a FTB and the other applicant is a home mover, please enter the home mover as applicant 1 in Introducer Internet. That way the home mover range will correctly display for the product selection in the FMA. One way to find the products available to your client is by using the ‘Client type’ drop down on the Latest mortgage rates page from Friday 28 March.

New business

Fixed rate reductions

• FTB – all 75% - 95% LTV 2 year fixed rates reducing by up to 0.08% and the 75% LTV 3 year fixed rate with a £999 fee reducing by 0.05%.
• FTB new build – 75% LTV 3 year fixed rate with a £999 fee reducing by 0.05%.
• Residential home mover – majority of 75% - 95% LTV 2 year fixed rates reducing by up to 0.15% and selected 90% - 95% LTV 5 year fixed rates reducing by up to 0.07%.
• BTL purchase – all 60% - 75% LTV 2 year fixed rates reducing by up to 0.10%.
• BTL remortgage – all 60% LTV 2 year fixed rates reducing by 0.05%.

Fixed rate increases

• FTB – selected 60% - 90% LTV 5 year fixed rates increasing by up to 0.09%.
• Residential home mover – selected 60% LTV 5 year fixed rates increasing by 0.06%.
• Residential remortgage – selected 60% 2 year fixed rates and all 60% – 90% LTV 5 year fixed rates increasing by up to 0.08%.

Tracker rate reductions

• Residential existing home mover – 95% LTV 2 year tracker with no fee reducing by 0.08%.

Product transfers

Fixed rate reductions

• BTL – all 60% LTV 2 year fixed rates reducing by 0.05%.

Fixed rate increases

• Residential – selected 60% - 90% LTV 2, 5 and 7 year fixed rates increasing by up to 0.08%. 

For clients who want to change or cancel their new deal:

• If they haven’t accepted their product transfer offer yet, you can select a new product in the online mortgage transfer service for them and a new offer will be issued. Please make sure your client accepts the correct offer for the deal they wish to book.
• If they’ve already accepted their new deal, you can change to a different deal or cancel the one that’s already booked for them. You must do this at least 14 days before their new deal starts. Please see the ‘Product transfer cancellation process’ section on the Product transfers page.

Whilst a product transfer is pending, your client cannot make any other changes to their mortgage until that new deal has started. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, and other changes such as overpayments. 

Further information

• Full details of our new business range can be found in the rate bulletin (issue 7) and new build rate bulletin (issue 6). Our latest mortgage rates page will be updated on Friday 28 March.
• From Friday 28 March you can log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of product transfer rates. You won’t find these on sourcing systems.
• You must submit your new business and product transfer applications on our current ranges by 10pm on Thursday 27 March.