Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Atom bank and Pepper Money have both announced further reductions to their mortgage rates, with new fee options and lower starting rates across a range of products. These changes affect prime, residential, and affordable home ownership mortgages, and may impact options available to UK letting agents and inventory clerks working with landlords and tenants.
Atom bank has reduced rates across its entire prime mortgage range. For prime products available up to 90% loan-to-value (LTV), rates have been cut by 0.15%. Existing fee-free 95% LTV options have been reduced by 0.20%. In addition, Atom bank has introduced a new suite of products available up to 95% LTV, each with a £900 fee. Prime rates now start from 4.99% for both two- and three-year fixed rate products up to 85% LTV, with a £900 fee.
Pepper Money has also made further reductions to its residential and affordable home ownership mortgage rates. The lender has cut rates on a number of two-year fixed rate products. New residential rates will start from 5.30% up to 75% LTV, while shared ownership rates will start from 5.65% up to 75% LTV. Right to Buy rates will start from 6.00% up to 75% LTV, and Help to Buy rates will start from 5.90% up to 75% LTV.
These rate changes may provide letting agents and inventory clerks with updated information to share with clients considering new mortgage products or remortgaging options.
Source: Mortgage Strategy