New products also announced
More mortgage lenders have announced rate cuts, providing more competitive options for homeowners, landlords, and older borrowers.
LiveMore, a lender specialising in mortgages for individuals aged 50 to 90-plus, has reduced rates across its product range by up to 1.06%. The most significant cuts are on longer-term fixed-rate products, with the LiveMore 1 standard five-plus-five-year fixed rate mortgage dropping from 6.48% to 5.42%.
The lender also made permanent its limited edition rate cut on two-year fixed rate products, introduced in July.
The rate reductions apply to LiveMore’s standard interest-only, standard capital and interest, and retirement interest-only (RIO) mortgages. However, the cuts do not extend to LiveMore’s lifetime mortgage (equity release) products.
“We want to offer our customers flexibility as well as stability, and these rate reductions support this strategy,” said Les Pick (pictured left), director of intermediary sales at LiveMore. “For example, the five-plus-five-year fixed rate mortgage offers 10 years of certainty, with no early repayment charges after five years.”
Meanwhile, specialist lender Aldermore has also announced rate reductions across its buy-to-let and residential owner-occupier mortgage ranges.
For new customers, BTL mortgage rates have been cut by up to 0.20%, while residential owner-occupier rates have been reduced by up to 0.50% for loans with a loan-to-value (LTV) ratio of up to 80%.
In addition, Aldermore has introduced new limited edition two- and three-year fixed-rate mortgages for residential owner-occupiers, offering a 1% discount off the annual mortgage rate (AMR) reversion rate.
“We’re pleased to introduce a wide array of rate cuts to support brokers in finding solutions for their clients,” said Jon Cooper (pictured centre), director of mortgages at Aldermore. “These reductions give both landlords and homebuyers valuable choice and competitive pricing, at a time when the optimism and outlook within the market starts to grow.”
Leeds Building Society has also joined the list of lenders reducing rates, repricing selected fixed rate products by up to 30 basis points. These cuts apply to two-, three-, and five-year fixed rate mortgages.
The mutual has also introduced a new limited company buy-to-let product with a rate of 5.39%, aimed at supporting brokers working with landlords who operate within a limited company structure.
“The price of mortgages is dictated by a number of factors, and the expected reduction in base rate which was announced earlier this month is good news for first-time and existing borrowers, as rates continue to drop across the market,” said Jonathan Thompson (pictured right), senior mortgage manager at Leeds Building Society. “As such, we’re very pleased to be able to make some further reductions in support of new and existing borrowers.”
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.
