More residential and BTL fixed rate reductions

On Wednesday 2 July we’re continuing to make fixed rate reductions to our new business FTB and home mover ranges. Following our new build affordability improvements, our FTB new build only range is reducing by up to 0.16%. Competitive highlights include our 85% LTV 5 year fixed rate with a £999 fee and £250 cashback at 4.21%. And the £0 fee equivalent is also reducing to 4.34% with £250 cashback.

We’re also reducing some 2, 3 and 5 year residential remortgage fixed rates by up to 0.10%. BTL purchase and remortgage fixed rates are reducing by up to 0.10%. There are no changes to our large loan rates or trackers.

For product transfers, most residential 2, 3 and 5 year fixed rates are reducing by up to 0.10%. There are no changes to tracker rates or BTL fixed rates. 

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New business

Fixed rate reductions

• Residential home mover – all 60-75% LTV 2 year and selected 85% LTV 2 and 3 year fixed rates reducing by 0.05%. All 60-90% LTV 5 year fixed rates reducing by up to 0.04%.
• Residential home mover new build – all 60-75% LTV 2 year and selected 85% LTV 2 and 3 year fixed rates reducing by 0.05%. All 60-90% LTV 5 year fixed rates reducing by up to 0.11%.
• FTB purchase and new build – all 75-85% LTV 2 year fixed rates reducing by 0.05%. All 75-85% LTV 5 year fixed rates reducing by up to 0.16%.
• Residential remortgage – all 85% LTV 2 year fixed rates reducing by 0.10%. All 75% LTV 3 year fixed rates reducing by up to 0.09%. Selected 75% LTV 5 year fixed rates reducing by 0.03%. All 85% LTV 5 year fixed rates reducing by 0.09%.
• BTL purchase – all 60-75% LTV 2 and 5 year fixed rates reducing by 0.10%.
• BTL remortgage – all 60-75% LTV 2 year fixed rates reducing by up to 0.09%.

Product transfers

• Residential – all 75% LTV 3 year and 80% LTV 2 and 5 year fixed rates reducing by up to 0.05%. All 85% LTV 2, 3 and 5 year fixed rates reducing 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. 

Further information

• Full details of our new business range can be found in the rate bulletin (issue 16) and new build rate bulletin (issue 14). Our latest mortgage rates page will be updated on Wednesday 2 July.
• From Wednesday 2 July 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 1 July.