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 and Foundation Announce Mortgage Rate Reductions
Atom bank has reduced rates across its Prime mortgage range by 0.15%. This follows a previous 0.15% reduction in mid-June. The new rates now start at 5.14% for two- and three-year fixed rates at up to 85% loan-to-value (LTV), with a £900 product fee. Five-year fixed rates now start at 5.19%.
Earlier this week, Atom bank also introduced Near Prime products at 95% LTV and cut rates by 0.10% on its existing Near Prime mortgage range.
Foundation Home Loans has relaunched its F1 £4£ Remortgage Only two-year fixed product at 75% LTV, available at 3.99% with a 4% fee. This product includes a free standard valuation and no application fee. Affordability is assessed at pay rate with an interest coverage ratio (ICR) of 125% for all applicants. There is no additional borrowing on this product.
Foundation has also reduced rates by up to 0.25% across its residential and buy-to-let (BTL) product transfer ranges.
HSBC and Coventry for Intermediaries Announce Further Changes
HSBC has announced it will be making reductions across its residential and BTL mortgage rates, effective tomorrow. The lender does not provide advance notice of the new rates, which will be available from tomorrow.
Coventry for intermediaries will be closing all fixed rates at 65% and 85% LTV, excluding offset and interest only offset products.
These changes may be relevant for letting agents and inventory clerks monitoring mortgage product trends and their potential impact on the UK property market.
Source: Mortgage Strategy