They reprice their range for a market that is "quite different to the market only a week ago"
The Mortgage Lender (TML) and The Mortgage Works (TMW) are today (September 30) relaunching products that were temporarily withdrawn recently, while Nationwide Building Society is amending its fixed mortgage rates.
TML said its residential and buy-to-let product ranges are returning to the market today after they were pulled last week due to the volatility in financial markets and in order to protect service levels following the rapid removal of products from a significant number of other lenders both in the specialist and high street markets.
“The market is currently subject to extreme volatility which is making things exceptionally difficult for both intermediaries and borrowers,” Peter Beaumont, chief executive at The Mortgage Lender, commented. “Given the current dearth of products available, we wanted to relaunch our buy-to-let and residential ranges back into the market as quickly as possible to support borrowers wherever possible.
Beaumont said they have repriced their range for a market that is “quite different to the market only a week ago.”
“We remain fully committed to lending and we understand that the rapidly changing economic environment has created real uncertainty and worry,” he stated. “We will continue to monitor the situation closely and will remain agile in our response.”
Read more: Multiple lenders stop offering mortgage products as Kwasi-meltdown continues.
Also reintroducing its range of fixed buy-to-let mortgages following their temporary withdrawal last Wednesday, The Mortgage Works has new rates for its products too. The new buy-to-let rates include a five-year fixed, 65% LTV at 5.74% with a £1,995 fee; and a 10-year fixed, 65% LTV at 5.49% with no fee.
The TMW products are available for purchase and remortgage with other rate or fee combinations also available on two- and five-year fixed rate mortgages.
“Following a very brief withdrawal, we have reintroduced our range of fixed rate buy-to-let mortgages,” Daniel Clinton, head of The Mortgage Works, said. “We remain committed to supporting landlords, which is why we brought our fixed rate products back quickly, but we have had to reprice our range to ensure our rates remain sustainable in the current economic environment.”
Meanwhile, Nationwide Building Society has announced that it is amending its fixed mortgage rates, also effective today.
The lender said it needs to ensure that its mortgage pricing remains sustainable at a time where swap rates continue to fluctuate and remain at extremely high levels, impacting mortgage rates across the market.
Nationwide is increasing two-, three-, five- and 10-year fixed rates on its new business range by between 0.20% and 0.30%. Tracker rates are unaffected by this change. Nationwide said its entire standard mortgage range remains on sale and no products are being withdrawn as part of this change.
The rates for new customers moving home, first-time buyers, and those looking to remortgage include two-year fixed rates starting from 5.89% (5.84% for remortgage) with a £999 fee; three-year fixed rates starting from 5.89% (5.84% for remortgage) with a £999 fee; five-year fixed rates starting from 5.39% with a £999 fee; and 10-year fixed rates starting from 5.09% with a £999 fee.
Rates on switcher products will increase by between 0.20% and 0.99%, with all rates remaining below the new business equivalents. Additional borrowing rates will also increase by between 0.20% and 0.85% while rates on shared equity products for existing members moving home will increase by between 0.20% and 0.30%. Green additional borrowing rates will increase by 0.65%.
Rates on the lender’s mortgages for the over-55s, including retirement interest only, lifetime mortgage, and retirement capital and interest mortgage, will increase by 0.20%.
Nationwide’s first-time buyer mortgages also come with a £500 cashback, while those looking to remortgage to the building society can choose between a £500 cashback or free standard legal fees.
“This week has seen continued fluctuations in swap rates and they remain at extremely high levels as the market continues to react to the ever-changing economic environment and factors in potential future bank rate rises,” Henry Jordan, director of mortgages at Nationwide Building Society, said. “Given this wider picture and the continued changes across the market this week, we have needed to make these changes to enable us to continue to offer a full standard range that supports all borrower types, while also ensuring that our rates remain sustainable.”
