Editor's Pick
Mortgage rate war hots up
Lenders are slashing mortgage rates left, right and centre
A mortgage rate war has begun this week, with a swathe of lenders launching new cheaper deals or chopping existing rates.
It started earlier this week with HSBC launcing the lowest two-year fixed rate ever at 0.99%, and others have followed suit.
Low-deposit record breaker
Yorkshire Building Society announced yesterday it has launched the lowest fixed-rate mortgage available to buyers with just a 10% deposit.
The all-time low 90% loan-to-value mortgage is available at a rate of 1.98% with a £1,345 product fee and is only accessible directly through the lender, not via mortgage brokers.
Your Mortgage Awards 2024/25: winners revealed
Sponsored by Your Mortgage Awards
The mutual has also launched a five-year fixed rate at 2.93% with a £1,345 product fee, up to 90% loan to value.
Skipton snips rates
Skipton Building Society also reduced rates yesterday, across selected two and five-year fixed rate mortgages.
Rates have been chopped by up to 2% and all applicable products will include a free valuation.
The range includes a two-year fix at 1.79% to 80% loan to value (LTV) with £995 fee for house purchases and a two-year fix at 1.49% to 60% LTV for remortgages.
The five-year fixed range now includes rates at 2.45% to 70% of the property’s value with £995 fee for purchases and 2.12% to 60% loan to value for remortgages with a £1,995 fee.
Kris Brewster, Skipton’s head of products, said: “We believe our two and five-year products offer very attractive rates and will help first-time buyers and those looking to move up the housing ladder to realise their dream of moving into a new property.”
Buy-to-let rate cuts
Buy-to-let specialist The Mortgage Works (TMW) has reduced rates on its two, three and five-year mortgage products for landlords.
Selected two-year fixed term buy-to-let products at 65% loan-to-value (LTV) will be reduced by up to 0.20%, and products at 75% LTV will be cut by up to 0.70%.
The five-year fixed rate products at 65% and 75% LTV are being reduced by up to 0.65% and start at 2.84% and 3.24% respectively, while the three-year fixed rate products at 65% LTV are being reduced by 0.30%, with rates starting at 2.39%. Let-to-buy rates are being reduced by up to 0.75%.