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.
Barclays, Landbay and Keystone Announce Mortgage Rate Reductions
Barclays, Landbay and Keystone have announced reductions to their mortgage rates, with changes affecting a range of residential and buy-to-let products. The rate cuts come after recent pricing adjustments by other major lenders in the UK property market.
Barclays is set to cut rates by up to 50 basis points from tomorrow. The largest reduction applies to 10-year fixed rates, with a 60% loan-to-value (LTV) residential purchase deal dropping from 5.62% to 5.12% and a £999 fee. Other reductions include up to 22 basis points on more popular products, such as a purchase-only two-year fixed at 75% LTV with no fee, which will decrease from 5.07% to 4.85%. The green home version of the same two-year deal will be cut to 4.75%. Additionally, a five-year fixed for purchase at 60% LTV will fall from 4.67% to 4.58% with an £899 fee.
In the buy-to-let and specialist market, Landbay has reduced rates by up to 35 basis points. The reductions apply to product transfers, small houses in multiple occupation (HMO), multi-unit freehold block (MUFB), and holiday lets.
Keystone has also announced a rate cut of 10 basis points across almost all its products. Rely is withdrawing rates at close of business and plans to lower prices when it relaunches deals tomorrow.
These changes follow earlier moves in the week, including a price drop by Nationwide Building Society. However, not all lenders have reduced rates, with Halifax among those increasing rates, which advisers viewed as a move to manage volumes.
The latest rate adjustments are relevant for letting agents and inventory clerks monitoring mortgage product changes that may impact landlord and investor activity in the UK property market.
Source: Mortgage Strategy