Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Barclays and Atom Bank Announce Residential Rate Cuts
Barclays has announced reductions to its residential mortgage rates, just days after increasing them. The changes include a cut to its two-year fixed residential purchase product at 60% loan to value (LTV) with an £899 fee, which has dropped from 4.75% to 4.55%. The fee-free alternative has also been reduced to 4.73%. Higher-LTV deals have seen similar reductions, such as the fee-free two-year fixed residential purchase product at 95% LTV, now at 5.37%, down from 5.53%. Barclays has also reduced its two-year purchase and remortgage tracker at 75% LTV with a £999 fee from 4.24% to 4.2%.
Atom Bank has also lowered rates across its residential mortgage range, with reductions of 0.1% across its near prime and prime products. Atom Bank’s prime rates now start at 5.19% at 85% LTV or 60% LTV for near prime.
Barclays Increases Buy-to-Let Rates
While Barclays has cut residential rates, it has increased pricing for buy-to-let (BTL) borrowers. For BTL purchase, the two-year fix at 60% LTV with an £899 fee has risen from 4.72% to 4.97%, and the 75% LTV alternative from 4.87% to 5.12%. The equivalent five-year fixed products have also increased, as have BTL remortgage rates.
TSB Launches Energy-Efficient Remortgage Product
TSB has introduced a new energy-efficient remortgage product for properties with an Energy Performance Certificate (EPC) rating of A or B. The product includes £250 cashback and rates are aligned with TSB’s standard residential remortgage offering. Applicants can choose between fee assisted legals and £250 cashback, or use TSB’s own conveyancer with £550 cashback.
These changes may impact letting agents and inventory clerks monitoring mortgage product trends, especially those working with landlords and clients seeking energy-efficient properties.
Source: Mortgage Solutions