Specialist lenders announce slashed rates on their limited edition BTL products
Santander UK has reduced rates on selected fixed rate mortgages by up to 29 basis points (bps), with cuts applied to its purchase, remortgage, and buy-to-let product ranges.
Among the new rates effective today, September 17, are five-, three-, and two-year fixed purchase mortgages with rates below 4%. Examples include a 60% loan-to-value (LTV) five-year fixed rate mortgage with a £999 fee, now priced at 3.80%, down from 4.02%. A 75% LTV five-year fixed rate with a £999 fee has dropped to 4.09% from 4.30%, while an 85% LTV equivalent is now 4.40%, down from 4.61%.
Two-year fixed rates have also seen reductions. A 60% LTV two-year fixed rate mortgage with a £999 fee now stands at 3.99%, down from 4.28%. The 75% LTV option has decreased to 4.19% from 4.40%, and the 85% LTV rate has dropped to 4.58% from 4.83%.
In addition, the lender has lowered rates on its three-year fixed new build exclusive mortgages. A 60% LTV option now stands at 3.94%, down from 4.17%. The 75% LTV product is priced at 4.14%, down from 4.36%, while the 85% LTV rate is now 4.53%, down from 4.68%.
“We know how hard people work to afford their home and as the property market continues to warm up, we are pleased to deliver this range of rate cuts, which should support more buyers in affording their home,” said Graham Sellar (pictured centre), head of mortgage development at Santander.
Meanwhile, two specialist lenders – Aldermore and CHL Mortgages – have announced reductions in rates across their limited edition buy-to-let (BTL) mortgage products, offering new options for brokers supporting landlords.
Aldermore introduced rate cuts of up to 20bps on both two- and five-year fixed BTL mortgages for individual and company landlords, with LTV ratios up to 75%. The reductions apply to landlords with single or multiple residential investment properties.
“It’s a lively mortgage market right now, which presents opportunities for brokers supporting landlords who are looking to expand their portfolios,” said Jon Cooper (pictured left), director of mortgages at Aldermore. “These products give brokers more choice, reflecting Aldermore’s commitment to backing them in meeting their clients’ evolving needs.”
Similarly, CHL Mortgages reduced rates by up to 20bps across its BTL range. The lender’s standard two-year fixed rates now start at 3.67%, while five-year fixed rates begin at 4.24%.
For landlords purchasing small houses in multiple occupation (HMOs) or multi-unit freehold blocks (MUFBs), five-year fixed rates now start at 4.28%. CHL offers products to both individual and limited company landlords with LTVs up to 75%.
“This latest round of rate reductions shows our commitment to making sure brokers have the products their customers need at their disposal,” said Ross Turrell (pictured right), commercial director at CHL Mortgages. “By reducing our rates by up to 20bps, customers now have even greater choice when selecting a product and the reductions will help when it comes to calculating affordability.”
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