Borrowers struggling to get on the property ladder are the target of lenders this week as part of a wave of fresh mortgage offers and cuts.
Following last week’s raft of major providers that reduced rates, more lenders, both mainstream and specialist are bringing out deals.
Accord Mortgages is dropping buy-to-let products by up to 0.3% on three-year fixed rates and 0.2% on five-year equivalents.
Its two-year fixed purchase rate up to 60% LTV is priced at 4.79% – a fall from 4.94%. The deal comes with a £3,495 fee and free standard valuation.
This compares to the average two-year fixed mortgage rate which is now 5.52% according to Moneyfacts data. Its figures also show the average two-year fixed term up to 60% LTV is 4.90% – down from 5.34% last year.
Meanwhile, three-year fixed remortgages up to 65% LTV with Accord have dropped from 5.44% to 5.14%. The deal comes with a free standard valuation, legal service and a £995 fee.
Kensington introduces incentives for remortgage and purchase customers
Kensington Mortgages is slashing rates across its fixed-rate products plus a range of new deals for buyers in the residential and buy-to-let markets.
For residential mortgages, a two-year fixed rate at 65% LTV is available for 6.19% and a five-year fixed rate at the same LTV is priced at 5.89% – both include a fee of £999.
There are incentives for purchase customers, who can get a free valuation and an additional £500 cashback if they opt for the deal. Remortgage customers can also enjoy a complimentary valuation and a choice of free legal services or £500 cashback.
When it comes to buy-to-let products, a two-year fix rate at 70% LTV is 4.19% and 4.64% at 75% LTV. Both Kensington buy-to-let offers come with a 5% fee and all fixed-rate special offers are subject to a complimentary valuation.
Special products come to market
Leeds Building Society has launched a special range for buyers with a credit score that’s impacted their ability to purchase a home.
Leeds Building Society is offering buyers with smaller deposits who do not qualify for one of the standard mortgages a deal as part of its ‘Reach’ range.
Products will be for buyers looking for 80% to 95% LTV deals and three and five-year fixed rates will be available as well as a choice of product fees.
Helping buyers with a “blip” on their credit rating is a sentiment followed by Bluestone Mortgages – which also lowered rates on its entire fixed-rate purchase range.
Reece Beddall, director at Bluestone Mortgages, said: “All too often borrowers with a blip in their credit history get overlooked, and it’s our duty to provide them with affordable solutions so that they can repair their credit.”
The specialist lender has cut rates by up to 0.35% on its five-year fixed rate range and by up to 0.3% for two and three-year fixes too.
For a five-year fixed rate product at 70% loan to value (LTV) ,there is a deal for 7% and offers continue up to a maximum finance value of 85% of your property.
There are no application fees included and remortgage offers come with a choice of a free basic legal service or £500 payment to assist solicitor costs.