Fixed rate products undergo repricing
Two specialist lenders, MPowered Mortgages and Zephyr Homeloans, have announced rate reductions across various products in a bid to offer more competitive deals to their customers.
MPowered Mortgages has significantly reduced rates on its 80% loan-to-value (LTV) products. Rates for two- and three-year fixed mortgages have been slashed by up to 49 basis points (bps), with three-year fixed rates now starting at 4.75% for a £999 purchase, down from 4.89%.
Remortgage rates for the same term now begin at 4.98%, reduced from 5.35%. Additionally, three-year low LTV rates have decreased by up to 8bps, and five-year purchase rates by up to 17bps.
“As well as offering an unrivalled service proposition, we also offer products that step up gradually in 5% LTV increments, meaning that, unlike most other lenders, our pricing aims to be more closely tailored to a customer’s risk profile,” said Matt Surridge (pictured left), sales director at MPowered Mortgages.
“Over the past few months, we have concentrated on offering lower LTV lending at 75% and below. Now, with the introduction of new, highly competitive rates at 80% LTV, we aim to expand MPowered’s competitive proposition into higher LTV lending. This addition of another LTV tier will enable MPowered to effectively compete with the top six lenders in the market.”
Meanwhile, Zephyr Homeloans has reduced rates on most of its buy-to-let mortgage products by five to 10bps.
For properties with an ‘A’ to ‘C’ energy performance certificate (EPC) rating, rates include 3.59% for a two-year fixed rate standard mortgage up to 65% LTV and 4.69% for a five-year fixed rate standard mortgage up to 65% LTV.
It's a sun-sensational Friday at Zephyr HQ. Not only is the sun out and the temperatures are getting HIGHER, the majority of our fixed rates are now LOWER!
— Zephyr Homeloans (@ZephyrHomeloans) July 19, 2024
Full details: https://t.co/05vfU3N9Fc
We hope you have a great weekend!
FOR INTERMEDIARIES ONLY pic.twitter.com/dw9ROUCrFn
For properties with a ‘D’ or ‘E’ EPC rating, rates are 3.69% for a two-year fixed rate standard mortgage up to 65% LTV and 4.74% for a five-year fixed rate standard mortgage up to 65% LTV.
“By reducing the rates on the majority of our mortgage products, we’re providing brokers with a wider range of tools to help find the best deal for their landlord customers,” said Paul Fryers (pictured right), managing director at Zephyr Homeloans.
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