Specialist buy-to-let products, such as houses of multiple occupation (HMO) and holiday lets, have also seen cuts
Several mortgage lenders have introduced rate cuts and new product offerings, aimed at providing more competitive options for both individual borrowers and property investors.
Digital lender Molo Finance has launched a new tier of product fees across its UK resident BTL range. The lender now offers a two-year fixed rate starting at 2.99% for both individual and limited company borrowers at 75% LTV.
Specialist buy-to-let products, such as houses of multiple occupation (HMO) and holiday lets, have also seen cuts, with two-year rates now beginning at 4.14% and five-year rates from 4.59%.
MPowered Mortgages has also cut rates, with its three-year fixed option now available at 3.75% for borrowers at 60% loan to value, with a £999 fee. This is the lowest rate the lender currently offers.
MPowered has cut rates across two-, three-, and five-year fixed products for both new borrowers and those looking to remortgage.
first direct, owned by HSBC, has adjusted its fixed rate offerings, cutting rates by up to 25 bps. Among its new deals is a five-year fixed rate for remortgages at 3.79% for borrowers with at least 40% equity in their property.
Other new offerings include a two-year fixed rate at 4.09% for 60% loan to value and a five-year fixed rate at 3.94% for 75% loan to value.
Another digital lender, Perenna, has cut rates across its purchase, remortgage, and retirement interest-only (RIO) products. The new RIO rates start at 5.43% at 60% LTV, with a £1,999 fee. Perenna has also cut rates on its standard purchase and remortgage products, providing more borrowing flexibility.
Lastly, Suffolk Building Society has cut rates on its 95% LTV residential mortgages by up to 30 basis points, offering more affordability to FTBs. Additionally, rate cuts have been applied to the society’s BTL, expat BTL, and holiday let products.
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