Fixed rate reductions across the new business and product transfer ranges
On Tuesday 21 February, most residential new business rates will reduce by between 0.02% and 0.50%. Our lowest on-sale 5 year remortgage fixed rate will be 3.99% at 60% LTV with a £999 fee. Buy to Let new business will see reductions of up to 0.30% plus the introduction of £0 product fee options. At the same time, Help to Buy: equity loan rates will be withdrawn ahead of purchases under this scheme needing to complete by 31 March 2023.
For product transfers, most residential fixed rates will reduce by between 0.02% and 0.19% and Buy to Let rates by up to 0.30%. We’re introducing some new 7 year fixed rates with a £0 product fee. Residential 2 year trackers at 75% LTV and under will also reduce by 0.05%.
Product end dates and completion deadlines will roll on by one month.
Product transfer rates are tailored to each customer; you won’t find them on sourcing systems. Please log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of rates. However, if you’re happy to use an estimated LTV, you can review what rates are available in the product transfer rate bulletin on our latest rates page from Tuesday 21 February
Roll on of our charge and benefit end dates by one month to 2 June
Completion deadlines have been rolled on to:
5 July 2023 for product transfers
31 August 2023 for purchases
5 September 2023 for remortgages
Product codes will be replaced across the new business and product transfer ranges
Full details of our new business mortgage range can be found in Rate Bulletin (Issue 5). You’ll find this on our website from Tuesday 21 February