Melton BS, Vida, and Clydesdale Bank reprice selected offerings
Several lenders in the UK mortgage market have announced rate reductions and product changes, offering more competitive terms across residential and buy-to-let products.
Melton Building Society has reduced rates on its BTL range by up to 55 basis points (bps) and increasing its maximum loan limit from £500,000 to £1 million.
The new rates include a 5.15% two-year fixed BTL product at 75% loan-to-value (LTV) with £250 cashback, and a Family BTL two-year fixed product at 5.40% with £500 cashback. This marks the first time the society has introduced cashback incentives for its BTL products.
“With rate reductions of up to 0.55% and the introduction of cashback on selected products, we hope to offer both existing and new landlords some attractive solutions to grow their property portfolio,” said Dan Atkinson (picture left), head of intermediaries at Melton Building Society.
Specialist lender Vida has also reduced rates on its residential and BTL ranges by up to 0.30%.
The majority of its residential products saw reductions of up to 20bps, while BTL products were cut by up to 30bps. Vida’s top BTL offer is a limited edition product at 4.29% for a five-year fixed rate at 75% LTV. Vida has also reduced rates for product transfers by up to 0.25%.
“Due to rates falling in the market meaning lower funding costs, we’re pleased to be able to pass on yet more reductions to our intermediary partners and customers,” said Helen Cawthra (pictured centre), head of intermediary relationships at Vida.
Clydesdale Bank also announced changes, cutting rates across core residential, exclusive, and BTL products.
Selected two- and five-year fixed rates in the core residential range will drop by up to 25bps, with rates starting from 3.89%. In the BTL range, rates will be reduced by up to 71bps on selected two- and five-year fixed products.
The bank is also withdrawing its exclusive remortgage 65% LTV five-year fixed rate and discontinuing the £500 cashback previously available on its exclusive remortgage products.
Read more: Your guide to Clydesdale for intermediaries
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
