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New business and product transfer fixed rate reductions plus reversion rate change
On Tuesday 21 November, we’re reducing selected residential and Buy to Let fixed rates in the new business and product transfer ranges. We’re introducing a new residential 3 year fixed range up to 75% LTV for purchase and remortgage clients.
New business and product transfer completion deadlines will roll on by 1 month. Please see the ‘Monthly Housekeeping’ section below for more information.
From Tuesday 21 November, all new business and product transfer applications for fixed or tracker products will automatically transfer to our Standard Variable Rate (SVR) when the product period ends. Any fixed or tracker products applied for between 23 January 2018 and 20 November 2023 (whether the product has completed or not) will continue to transfer to our Follow-on Rate (FoR). Details of our SVR and FoR can be found on our Bank of England base rate page.
New business
- Selected standard residential fixed rates reducing by between 0.02% and 0.22%.
- New residential 3 year fixed range up to 75% LTV with or without a product fee.
- All residential large loan exclusive fixed rates reducing by between 0.10% and 0.15%.
- Selected Buy to Let fixed rates reducing by between 0.05% and 0.25%.
Product transfers
- Selected residential fixed rates reducing by between 0.05% and 0.23%.
- Selected Buy to Let fixed rates reducing by between 0.05% and 0.20%.
- For clients who want to change or cancel their new deal.
- If they haven’t accepted their product transfer offer yet, you can select a new product in the online mortgage transfer service for them and a new offer will be issued. Please make sure your client accepts the correct offer for the deal they wish to book.
- If they’ve already accepted their new deal, you can change to a different deal or cancel the one that’s already booked for them. You must do this at least 14 days before their new deal starts. Please see the ‘Product transfer cancellation process’ section on the Product transfers page.
- Whilst a product transfer is pending, your client cannot make any other changes to their mortgage until that new deal has started. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, and other changes such as overpayments.
Monthly housekeeping
- Roll on of our new business charge and benefit end dates by 1 month.
- Roll on of our product transfer charge end dates and completion deadlines by 1 month.
- Completion deadlines have been rolled on to:
- 5 June 2024 for product transfers
- 31 May 2024 for purchases
- 5 June 2024 for remortgages
- Product codes will be replaced across the new business and product transfer ranges.
Further information
- All FMAs submitted before Tuesday 21 November (whether the product has completed or not), will continue to transfer to our Follow-on Rate when the fixed or tracker product period ends.
- Any pipeline applications already submitted and/or offered are not affected so you don’t need to do anything.
- Full details of our new business range can be found in Rate Bulletin (Issue 28). You’ll find this on our Latest mortgage rates page from Tuesday 21 November.
- From Tuesday 21 November you can log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of rates. You won’t find these on sourcing systems.
- You must submit your new business and product transfer applications on our current ranges by 10pm on Monday 20 November.