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New residential fixed rate below 5% plus other new business and product transfer reductions
On Tuesday 26 September, we’re launching a competitive 4.95% 60% LTV residential 5 year fixed rate for purchase clients. We’re also reducing all residential and Buy to Let fixed rates across the new business and product transfer ranges.
There will be no changes to residential or Buy to Let tracker rates in the new business and product transfer ranges.
New business
- New residential 60% LTV 5 year fixed rate at 4.95% with a £999 product fee for purchase clients.
- New residential 60% LTV 2 year fixed rate at 5.43% with a £999 product fee for purchase clients.
- All standard residential fixed rates reducing by between 0.03% and 0.33%.
- All New Build exclusive fixed rates reducing by between 0.03% and 0.23%.
- All residential large loan exclusive fixed rates reducing by between 0.47% and 0.50%.
- All Buy to Let fixed rates reducing by between 0.26% and 0.35%.
Product transfers
- All residential fixed rates reducing by between 0.10% and 0.36%.
- All Buy to Let fixed rates reducing by between 0.05% and 0.45%.
- 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 house keeping
- 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 April 2024 for product transfers
- 29 March 2024 for purchases
- 5 April 2024 for remortgages.
- Product codes will be replaced across the new business and product transfer ranges.
Further information
- Full details of our new business range can be found in Rate Bulletin (Issue 26). You’ll find this on our Latest mortgage rates page from Tuesday 26 September.
- From Tuesday 26 September 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 25 September.