Specialised products are seeing rate drops
Several UK mortgage lenders have announced significant rate reductions across their product ranges, with cuts aimed at supporting landlords, homebuyers, and professional borrowers. The changes, which take effect from Wednesday (March 26) include updates from United Trust Bank (UTB), Vida Homeloans, Clydesdale Bank, and Principality Building Society.
United Trust Bank lowers buy-to-let rates
United Trust Bank (UTB) has introduced rate cuts of up to 176 basis points (bps) across its buy-to-let (BTL) mortgage products. Five-year fixed rates now start from 4.99% for single dwellings on Assured Shorthold Tenancies (ASTs), while HMO and Multi-Unit Block (MUB) products begin at 5.29%.
- Standard BTL (ASTs): Two-year fixed rates from 5.69%, five-year fixed from 4.99%
- HMO/MUB (up to 10 rooms/units): Two-year fixed from 5.69%, five-year fixed from 5.29%
- Holiday lets: Two-year fixed from 5.89%, five-year fixed from 5.94%
“It has been a bumpy couple of years for landlords and BTL brokers with the sector having to deal with higher interest rates, tougher EPC requirements and uncertainty created by the Renters Rights Bill,” said Buster Tolfree (pictured), director of mortgages at UTB. “However, in our experience landlords are a resilient bunch and with good quality rental property still in short supply, it’s a sector we’re committed to supporting for the long term.”
Vida Homeloans expands product range
Vida Homeloans has cut rates by up to 0.30% on residential products and 0.54% on BTL products. The lender has also introduced a Fee Saver range, offering new mortgage products for standard, HMO/MUB, and Expat borrowers. Additionally, Vida has expanded its list of accepted Scottish postcodes, adding 14 new areas.
“We’ve seen swap rates in the market drop over the course of January. We always endeavour to pass these savings on to our potential customers through rate reductions across our ranges,” said Ross Williams, head of mortgage product management at Vida Homeloans.
Clydesdale Bank reduces professional and exclusive rates
Clydesdale Bank is lowering rates on several professional and exclusive mortgage products. Changes include:
- Exclusive two-year fixed residential purchase mortgage: reduced by 0.05%
- Professional mortgages (65% to 80% LTV, two- and five-year fixed): reduced by 0.37%
- Newly qualified professional mortgages (90% LTV, two- and five-year fixed): reduced by up to 0.03%
Principality Building Society adjusts mortgage rates
Principality Building Society is implementing reductions across residential and Joint Borrower Sole Proprietor (JBSP) mortgages, with cuts of up to 0.29% on residential products and 0.35% on JBSP mortgages. However, some rates will increase, including a 0.02% rise on certain two-year fixed products.
Further details are available through intermediary channels.
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