Latest cuts from TSB and others highlight growing rivalry for borrower market share
A number of mortgage lenders have announced rate changes and lending criteria updates, with several making reductions across residential, buy-to-let, and later life mortgage products.
High street lender TSB has implemented rate cuts across selected residential, product transfer and additional borrowing products. Reductions include a 0.25% cut to two-year fixed first-time buyer and home mover products at 75 to 85% loan-to-value (LTV), and a 0.05% decrease for two-year fixed remortgage, product transfer, and additional borrowing options at varying LTV bands.
The Mortgage Works (TMW), the buy-to-let arm of Nationwide Building Society, has reduced rates on selected two-year fixed buy-to-let mortgages by up to 0.10%. New rates include a two-year fixed remortgage-only product at 4.34% with a £1,495 fee and a fee-free option at 4.74%, both available up to 65% LTV.
Clydesdale Bank has also announced a mix of rate cuts and increases. Residential 85 to 95% two- and five-year core rates has been cut by up to 0.64%, while exclusive and professional ranges have also seen reductions up to 0.20%. At the same time, the lender has increased rates on several products, including a rise of up to 0.19% on residential 65 to 75% five-year core rates and up to 0.15% on low LTV professional products.
Meanwhile, specialist lender Pepper Money has lowered rates across its entire product range, with reductions of up to 0.40%. The largest cut applies to its Pepper36 Light product up to 75% LTV, now at 5.64%. Pepper6 products up to 80% LTV have also been reduced by 0.25% on both two- and five-year fixed rates, with the lowest rate in the range now at 5.34%.
Residential mortgage lender Gen H has also introduced rate cuts on all products up to and including 80% LTV, reducing two-year rates by 0.15% and three- and five-year rates by 0.20%. Its New Build Boost product rate has also been cut by 0.20% to 6.29%. A new £499 product fee has been introduced, and the lender continues to offer its income booster and deposit booster solutions. New Build Boost, available through approved brokers, offers a 15% interest-free boost in partnership with housebuilders for buyers with small deposits.
Later life lender LiveMore has lowered rates on its standard, retirement interest-only (RIO), and lifetime (equity release) ranges by up to 0.59%, with rates now starting at 5.43%. It has also made several affordability and criteria updates, including reducing the reversionary margin from 3.50% to 3.00% and refining stress testing measures. Septic tanks are also now accepted under standard criteria for its equity release products.
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