One lender offers a sub-3% two-year fix
Several mortgage lenders have introduced rate cuts and new product offerings, aimed at providing more competitive options for both individual borrowers and property investors.
Digital lender Molo Finance has launched a new tier of product fees across its UK resident buy-to-let range. The lender now offers a two-year fixed rate starting at 2.99% for both individual and limited company borrowers at 75% loan-to-value (LTV).
Specialist BTL products, such as houses of multiple occupation (HMO) and holiday lets, have also seen reductions, with two-year rates now beginning at 4.14% and five-year rates from 4.59%.
MPowered Mortgages has also cut rates, with its three-year fixed option now available at 3.75% for borrowers at 60% LTV, with a £999 fee. This is the lowest rate the lender currently offers.
MPowered has reduced rates across two-, three-, and five-year fixed products for both new borrowers and those looking to remortgage.
first direct, owned by HSBC, has adjusted its fixed rate offerings, cutting rates by up to 25 basis points (bps). Among its new deals is a five-year fixed rate for remortgages at 3.79% for borrowers with at least 40% equity in their property.
Other new offerings include a two-year fixed rate at 4.09% for 60% LTV and a five-year fixed rate at 3.94% for 75% LTV.
Another digital lender, Perenna, has lowered rates across its purchase, remortgage, and retirement interest-only (RIO) products. The new RIO rates start at 5.43% at 60% LTV, with a £1,999 fee. Perenna has also reduced rates on its standard purchase and remortgage products, providing more borrowing flexibility.
Lastly, Suffolk Building Society has reduced rates on its 95% LTV residential mortgages by up to 30bps, offering more affordability to first-time buyers. In addition, rate cuts have been applied to the society’s buy-to-let, expat buy-to-let, and holiday let products.
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