Four lenders implement rate reductions on select deals
Clydesdale Bank, Atom bank, Fleet Mortgages, and Funding 365 have all announced rate reductions on select mortgage products, reflecting ongoing adjustments in response to market conditions.
Clydesdale Bank has slashed selected rates across its residential and buy-to-let (BTL) mortgage ranges. The reductions include up to 0.10% off 65% and 75% loan-to-value (LTV) two- and five-year fixed residential rates. Exclusive products have been cut by up to 0.12% for 75% and 80% LTV two-year residential remortgage deals. BTL rates between 60% and 75% LTV have dropped by 0.21%.
Digital lender Atom bank has lowered rates across its Prime mortgage range, following a previous reduction in its Near Prime products. Two-year fixed rates are down by up to 0.15%, while three- and five-year fixed rates have been cut by 0.10%. The new pricing sees two-year deals start at 5.19%, three-year at 5.14%, and five-year at 5.04%.
Buy-to-let lender Fleet Mortgages has also reduced rates on its five-year fixed BTL mortgages by 0.15%. The 65% LTV zero-fee option is now priced at 5.49%, while the 75% LTV equivalent has dropped to 5.59%. Fixed-fee alternatives with a £3,999 fee have also been reduced to 5.24% at 65% LTV and 5.34% at 75% LTV. The move follows similar cuts to Fleet’s two-year fixed rates and the launch of new two-year tracker products.
Meanwhile, bridging lender Funding 365 has revised its Stepped Rate Bridge product, now offering rates starting at 0.39% per month for the first six months on loans up to 65% LTV. After six months, the rate increases to 1.15% per month, with an exit fee of 1.15%. Higher LTVs of up to 75% are available with an initial rate of 0.49% per month. The product provides loans from £200,000 to £5 million for residential property purchases, refinancing, refurbishments, and development exits.
Since the Bank of England’s rate cut last month, falling swap rates have fuelled optimism for improved affordability, with lenders having more room for mortgage rate cuts.
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.
