BTL remortgage reductions, lower LTV residential increases and some BTL withdrawals

On Wednesday 4 June we’re launching a competitive BTL remortgage range by reducing all 60%, 65% and 75% LTV fixed rates by up to 0.15%. We’re withdrawing less popular 70% LTV BTL remortgage fixed rates.

We’re holding the majority of residential fixed rates over 75% LTV. Due to market conditions, we’re increasing lower LTV fixed rates for FTB, home mover, new build and remortgage by up to 0.13%.

There are no changes to our BTL purchase range, large loan rates or trackers.

For product transfers, most BTL 60-75% LTV fixed rates are reducing by up to 0.10%. Plus residential 7 year fixed rates are increasing by up to 0.06%. 

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New business

Fixed rate reductions

• BTL remortgage – all 60-75% LTV 2 and 5 year fixed rates reducing by up to 0.15%.

Fixed rate increases

• Residential home mover – all 60-75% LTV 2 year fixed rates increasing by up to 0.05%. All 60% LTV 5 year fixed rates increasing by up to 0.08%.
• FTB – all 60% LTV 2, 3 and 5 year fixed rates increasing by up to 0.13%. All 85% LTV 2 and 5 year fixed rates increasing by up to 0.06%. 95% LTV 3 year fixed rate going up by 0.09%.
• Residential home mover new build – all 60-75% LTV 2 year fixed rates increasing by up to 0.05%. All 60% LTV 5 year fixed rates increasing by up to 0.08%.
• FTB new build – all 60% LTV 2, 3 and 5 year fixed rates increasing by up to 0.13%. All 85% LTV 2 and 5 fixed rates increasing by up to 0.06%. 95% LTV 3 year fixed rate going up by 0.09%.
• Residential remortgage – all 60% LTV 2 year fixed rates increasing by up to 0.06%. 75% LTV 3 year fixed rate with £0 fee going up by 0.01%. All 60-75% LTV 5 year fixed rates increasing by up to 0.10%.

Withdrawals

• BTL remortgage - 70% LTV 2 year fixed rate with a £1,749 fee at 4.25% - BL49R
• BTL remortgage - 70% LTV 2 year fixed rate with a £0 fee at 4.79% - BL50R
• BTL remortgage - 70% LTV 5 year fixed rate with a £1,749 fee at 4.28% - BL57R
• BTL remortgage - 70% LTV 5 year fixed rate with a £0 fee at 4.55% - BL58R

Product transfers

• BTL – all 75% LTV 2 year fixed rates reducing by 0.06%. All 60-75% LTV 5 year fixed rates reducing by up to 0.10%.
• Residential – all 60% and 75% LTV 7 year fixed rates increasing by up to 0.06%.

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 14) and new build rate bulletin (issue 12). Our latest mortgage rates page will be updated on Wednesday 4 June.
• From Wednesday 4 June 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 Tuesday 3 June.