Lenders reprice as chancellor's Autumn Budget draws near
Metro Bank, TSB, and MPowered Mortgages have each announced updates to their mortgage offerings, with changes in rates across buy-to-let and residential products.
Metro Bank has reduced rates on its two-year buy-to-let range by 30 basis points (bps), including its limited company buy-to-let product launched in July. The revised rates are now 3.69% at 65% loan-to-value (LTV) and 3.89% at 75% LTV, each with a 5% product fee.
“Metro Bank is committed to the buy-to-let market and to being the number one specialist lender on the high street,” commented Charles Morley, director of mortgage distribution at Metro Bank. “We’re excited to introduce these changes to the market and look forward to hearing from brokers and anyone looking to grow their portfolio or remortgage.”
MPowered Mortgages also announced rate cuts, slashing its two-year fixed rates by up to 30bps after similarly reducing its three-year fixed rates last week.
The lender’s two-year rates now start at 4.11% for new purchase customers at 60% LTV with a £999 fee, while remortgage rates start at 4.29% at the same LTV.
Our 2-year rates and service levels have been slashed!
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“Swap rates have continued to rise in the last week, especially in the five and 10-year space as the chancellor’s Autumn Budget draws near and financial markets are nervous,” said Stuart Cheetham, chief executive of MPowered Mortgages. “Despite this, we are still reducing our two-year rates following on from our three-year fixed rate reductions last week.”
Meanwhile, TSB has increased rates on several of its residential and buy-to-let products.
The bank raised rates by 10bps on two-year fixed products for first-time buyers and home movers with LTV ratios between 75% and 90%, and by 25bps on two-year fixed remortgages up to 60% LTV.
For buy-to-let remortgages, TSB has implemented a 10bps rate increase on both two- and five-year fixed options up to 75% LTV.
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