The move comes at a time when other lenders have been increasing their rates on the back of increases in the cost of funding. However, in a move to enhance the competitiveness of its range and build its application volumes, Mortgages plc has decided to cut rates by up to 0.25% across its product range to ensure it keeps the price promise it made to intermediaries at the start of the year to constantly be amongst the most competitive products in the market.
Specific rate reductions include the following:
Non-conforming fixed rates:
• 2 year fixed rates – are all being reduced by 0.10%, except 90 & 95% LTV products, which are being reduced by 0.20%. Unlimited products are being reduced by 0.15% and Heavy products by 0.15%
• 3 year fixed rates –are all being reduced by 0.10%, except 90 & 95% LTV products which are being reduced by 0.15% and Unlimited products which are also being reduced by 0.15%
Non-conforming discounted rates and trackers:
• 1 & 3 year discounts – all discounts are to be increased by 0.1% to 2.2% for 1 year discounts and 2.6% for 3 year stepped discounts
• 2 year discounts – all discounts are being increased by 0.15% to 2.30%
Full product details, including the latest rates on all mortgages, are downloadable from the Mortgages plc website: www.mortgagesplc.com
Pete Thomson, Sales Director at Mortgages plc, said: “The recent increase in BBR and movements in SWAP rates have caused many lenders to increase their rates by 0.15 to 0.25%. We have taken the opportunity since the rate increase to analyse the pricing of our products and, as a result, have decided to shave our margins to ensure our products remain amongst the most competitive on offer.”
