It lowers its pricing by as much as 30bps
Newbury Building Society has reduced rates on three standard residential fixed rate mortgage products for new and existing borrowers.
Two standard residential fixes at 75% loan-to-value (LTV) had rate cuts of 20 and 30 basis points (bps), with the three-year rate lowered from 5.79% to 5.59% and the five-year rate dropped from 5.69% to 5.39%.
The existing borrower residential three-year fixed rate deal at 75% LTV also had its rate slashed by 20bps from 5.69% to 5.49%.
The mutual said its products were available for properties throughout England and Wales, and existing borrowers could benefit from no application or booking fees.
“Much of the news this year has been focused on rising prices, so we’re pleased to buck the trend with these price reductions,” commented Roger Knight (pictured), lending manager at Newbury Building Society. “The stabilisation of the financial market and swap rates have allowed us to reduce pricing by up to 0.30% across three of our fixed rate mortgage products.
“We know fixed rate mortgages are popular both with customers looking for certainty when they remortgage, as well as first-time buyers who are less experienced and want to know how much they will pay over a certain period. We’re pleased to be able to offer this peace of mind to our new and existing borrowers.”
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