The reductions include up to 1.05 per cent off low to medium, medium, and high initial rates. Updated fixed rates, with 95 per cent loan-to-value (LTV) for near-prime customers, plus two-year fixed rates of 5.99 per cent. In addition, reversionary rate reductions for near-prime and near-prime plus are up to 0.45 per cent.
Duncan Berry, director of mortgage sales, GE Money Home Lending, said: “As interest rates rise, we are fully committed to revamping our rates to ensure that the First National product range remains highly competitive.
“Nearly all of our discount rates have been reduced. Coupled with more competitive rates on our medium and high risk grades and significant reductions on our reversionary rates on our lighter adverse mortgage products, I believe there is something in this revamp for most of our customers.”
Martin Wade, director at Mortgage Options, said lenders should be looking to make their ranges more attractive at this time of year to remain successful. “There is never as much business in December and any progressive lender who wants to maintain their market share at this time of year will have to come up with some eye-catching products. If you want to have leading products, you have to have competitive rates.”
