Melton, Principality, Landbay, and Investec adjust pricing on residential and BTL deals
Several UK lenders have introduced rate changes across a range of residential and buy-to-let mortgage products, aiming to provide better value and remain competitive in a shifting interest rate environment.
Melton Building Society has lowered rates on its standard residential fixed-rate mortgage range by up to 0.29% and extended product end dates to July 2027 for two-year deals and June 2030 for five-year options. Highlights include a 4.49% rate on an 80% loan-to-value (LTV) two-year fixed with no application or completion fee and £500 cashback, and a 5.25% five-year fixed rate at 95% LTV with a £199 application fee and no completion fee.
“We are delighted to announce further enhancements to our mortgage product range with these particular changes focusing on our residential product range,” said Jamie Hyland (pictured left), head of product and marketing at Melton Building Society. “As a mutual, we believe strongly in supporting our customers achieve their home ownership aspirations... These reductions reconfirm our commitments to helping as many people as we can with their dreams of home ownership.”
Principality Building Society has implemented a broad set of rate changes across its residential, cashback, joint borrower sole proprietor, and holiday let products. Reductions include up to 0.22% off five-year fixed 65% LTV residential products, up to 0.21% off five-year fixed 75% LTV deals, up to 0.15% off two-year fixed 90% LTV loans, and up to 0.15% off two-year fixed 60% LTV holiday let mortgages.
However, Principality has also increased select new build and shared ownership rates, including a 0.66% rise for the five-year fixed shared ownership 95% LTV product. The lender also lowered its holiday let stress rate from 8.10% to 7.98%.
Meanwhile, buy-to-let lender Landbay has cut rates by up to 0.10% across its limited edition and product transfer mortgage ranges. Limited edition rates now start at 4.39% for a five-year fixed product at 70% LTV. The product transfer range, introduced earlier this year, also sees rates reduced to as low as 4.44% for five-year fixed loans up to 75% LTV.
“As ever, we remain agile in the current market and respond to opportunities to cut rates and ensure our product range is competitive as possible,” said Rob Stanton (pictured centre), sales and distribution director at Landbay. “Product choice, speed and agility have to be key hallmarks of a lender in the current market – particularly in the buy-to-let sector.”
Another lender, Investec Bank, has announced rate reductions of up to 58 basis points (bps) on its high-net-worth tracker mortgage range. Cuts include 30bps off two-year variable residential loans at 85% and 90% LTV, 58bps off five-year variable residential products at 85% and 90% LTV, and 42bps off five-year variable buy-to-let loans at 70% LTV.
The lender also reduced residential mortgage arrangement fees from 1.00% to 0.50%, and self-build arrangement fees from 1.50% to 1.00%. Fee caps have been set at £50,000 for owner-occupied and £75,000 for self-build properties.
“These changes demonstrate our commitment to listening to our brokers and continuously seeking ways to enhance our offerings,” said Peter Izard (pictured right), head of intermediary business development at Investec Bank. “These enhancements not only complement our high levels of service and speedy decision-making but also deliver an out of the ordinary experience for both brokers and their clients.”
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