Fixed rates going down again and some home mover withdrawals

16/05/2025

On Tuesday 20 May we’re launching competitive fixed rates across the range starting from 3.80% for a 2 year purchase fixed rate at 60% LTV. We’re reducing FTB and standard home mover 2 and 5 year fixed rates by up to 0.13%. Plus, all 2 and 5 year remortgage fixed rates are reducing by up to 0.19%.  

We’re withdrawing our 85-95% LTV 2 year fixed rates for home movers with a £250,000 maximum loan size. 

In our new business Buy to Let (BTL) range, all 2 and 5 year purchase fixed rates are reducing by up to 0.04%. Most 2 and 5 year BTL remortgage fixed rates are also reducing by up to 0.07%.

There are no changes to our new build or large loan rates.

In our product transfer range, all residential 2, 3 and 5 year fixed rates are reducing by up to 0.13% and BTL 2 and 5 year fixed rates are reducing by up to 0.05%. 

The pay rates on all our new business and product transfer trackers are going down by 0.25% to reflect the recent Bank of England base rate decrease from 4.50% to 4.25%. Plus, all remortgage 2 year tracker differentials are increasing by up to 0.16%. And all product transfer 2 year tracker differentials are increasing by up to 0.10%. 

New business

Fixed rate reductions 

  • Residential home mover – all 60-95% LTV 2 and 5 year fixed rates reducing by up to 0.13%.
  • FTB – selected 60-95% LTV 2 and 5 year fixed rates reducing by up to 0.11%.
  • Residential remortgage – all 60-90% LTV 2 and 5 year fixed rates reducing by up to 0.19%.
  • BTL purchase – all 60-75% LTV 2 and 5 year fixed rates reducing by up to 0.04%.
  • BTL remortgage – most 60-75% LTV 2 and 5 year fixed rates reducing by up to 0.07%.

Withdrawals

  • Residential home mover – 85% LTV 2 year fixed rate with a £749 fee at 4.25% - MW73H.
  • Residential home mover – 85% LTV 2 year fixed rate with a £0 fee at 4.45% - MW75H.
  • Residential home mover – 90% LTV 2 year fixed rate with a £749 fee at 4.56% - MW77H.
  • Residential home mover – 90% LTV 2 year fixed rate with a £0 fee at 4.77% - MW79H.
  • Residential home mover – 95% LTV 2 year fixed rate with a £0 fee at 4.95% - MW81H.

Tracker rate changes

  • All residential 2 year tracker pay rates reducing by 0.25% due to the base rate decrease recently.
  • However for residential remortgage, all 60-75% LTV 2 year tracker differentials also increasing by up to 0.16%.

Product transfers

Fixed rate reductions

  • Residential – all 60-90% LTV 2, 3, and 5 year fixed rates reducing by up to 0.13%.
  • BTL – all 60-75% LTV 2 and 5 year fixed rates reducing by up to 0.05%.

Tracker rate changes

  • All residential and BTL 2 year and lifetime tracker pay rates reducing by 0.25% due to the base rate decrease recently.
  • However for all residential 60-75% LTV 2 year trackers, the differentials are also increasing by up to 0.10%.

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. 

Monthly housekeeping

  • Roll on of our new business benefit end date, charge end dates and completion deadlines by 1 month.
  • Completion deadlines will roll on to:
    • 28 November 2025 for FTB and home mover
    • 31 March 2026 for new build
    • 5 December 2025 for remortgages
    • 5 October 2025 for product transfers
  • Product codes will be replaced across the new business and product transfer ranges.

Further information

  • Full details of our new business range can be found in the rate bulletin (issue 12) and new build rate bulletin (issue 10). Our latest mortgage rates page will be updated on Tuesday 20 May.
  • From Tuesday 20 May 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 Monday 19 May.

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