Atom bank, Market Harborough BS, Virgin Money, LiveMore, and Pure Retirement all offer rate cuts
Several lenders have introduced new rate reductions and product enhancements to support various segments of the mortgage market.
Digital lender Atom bank announced its second round of rate cuts in September across both its Prime and Near Prime mortgage ranges.
The Prime product range saw a reduction of 20 basis points on two-, three-, and five-year fixed rates for loans up to 90% loan-to-value (LTV), while rates for mortgages up to 95% LTV were reduced by 10bps.
In the Near Prime segment, Atom has reduced rates by up to 20bps, further supporting borrowers with a payment issue on their credit record.
“We are delighted to announce our second batch of rate cuts this month,” said Richard Harrison (pictured far left), head of mortgages at Atom bank. “We will continue to make changes wherever necessary to ensure we remain the go-to choice for intermediaries.”
Market Harborough Building Society also announced rate cuts, effective October 1, with residential and let fixed rates set to be reduced by up to 30bps. The mutual’s standard variable rate (SVR) will drop by 20bps to 8.19%.
Brokers, we’ve got more GREAT news! 📣
— Market Harborough BS (@MarketHarbBS) September 26, 2024
We’re starting October off strong with a reduction in our resi and let fixed rates by up to 0.30%.🏡
From 9am on Tuesday, the reduced rates will be live on our website and product guide 👉- https://t.co/twtW94lW1n. pic.twitter.com/2inUs4uRKu
“Earlier this year, we launched our Best for Brokers Promise and remain committed to supporting our broker partners and their clients,” said Iain Smith (pictured second from left), head of mortgage distribution at Market Harborough Building Society. “We’re pleased to announce another reduction across our residential and let fixed rates and also bring down our SVR, a change that both new and existing customers can benefit from.”
Virgin Money has announced rate cuts, effective today, September 27. Purchase products, including its 95% LTV five-year fixed rate, will be reduced by 4bps to 4.99%, while selected remortgage rates will decrease by up to 15bps. Buy-to-let exclusives will also see reductions of up to 14bps.
Meanwhile, later life lender LiveMore has implemented further rate cuts of 35bps on its LiveMore 2, 3, and 4 products. These cuts follow a 0.15% reduction last week on its LiveMore 1 range.
“Our LiveMore 2, 3 and 4 products serve customers who may have some credit issues or those who need to consolidate a higher proportion of debts,” said Les Pick (pictured second from right), director of intermediary sales at Livemore. “We’ve focused our further rate changes specifically to help this segment of the market.”
Pure Retirement, a lifetime mortgage lender, has also made changes to its Heritage lifetime mortgage range by introducing an interest-servicing option, which allows customers to make monthly payments on their lifetime mortgages and receive interest rate discounts of between 0.3% and 1%.
Customers can choose to pay from 25% to 100% of the monthly interest and have the flexibility to pause payments with a three-month holiday each year.
“The lifetime mortgage market is evolving to meet more diverse customer needs and circumstances,” said Chris Buchanan (pictured far right), head of product at Pure Retirement. “Our ambition was to develop a leading interest servicing lifetime mortgage, with interest rate discounts delivering meaningful customer savings, but at the same time keeping it simple for advisers and customers, with no complex payment term commitments to navigate.”
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