Further rate reductions have been introduced by both MPowered Mortgages and Accord.
MPowered Mortgages has continued to cut rates, reducing two-, three- and five-year fixed rates by up to 0.17%.
It is the third consecutive week that the company has reduced its fixed rates.
The lender said the rate reductions across its product range reflected its “focus on providing value through its 5% LTV [loan to value] band pricing structure”.
The most notable changes apply to remortgage deals, including the two- and three-year products, with three-year deals in particular seeing most rates cut by 10-15 basis points.
The 70% and 75% LTV options with no fees are both being cut by 0.17%, while the three-year 60% LTV remortgage deal with a £999 fee now starts from 4.25%, with the no-fee option available from 4.44%.
Rates have also been cut on five-year products, with a 65% LTV no-fee deal available from 4.35%.
Stuart Cheetham, chief executive of MPowered Mortgages, said: “We’ve cut rates yet again for the third time this month – but we’ve not just cut rates, we’ve cut rates where they matter.
“We’re focused on providing brokers and their customers with value across the LTV range rather than on just headline-grabbing rates, which is why we’ve delivered these cuts across the core 60-80% LTV segment on the most popular products in our range.”
Accord lowers BTL pricing again
Accord is also reducing rates, specifically on its buy-to-let (BTL) products, which it had already reduced earlier this month.
The current cuts of up to 0.2% apply across all LTV deals up to 75%.
The new range is available from 8am on 22 August and includes a two-year fixed rate for those remortgaging, which has been lowered from 4.79% to 4.59%.
The product is available for those with at least a 40% deposit and comes with a £1,995 fee, free standard valuation and free remortgage legal service.
There is also a three-year fixed rate that has been cut from 4.89% to 4.74% for those remortgaging. It is offered up to 75% LTV, which comes with a £995 fee, free standard valuation and free remortgage legal service.
In addition, a five-year fixed rate has been cut from 4.79% to 4.64%, and is offered up to 75% LTV. It comes with a £995 fee, £250 cashback and free standard valuation.
And a five-year fixed rate has been cut from 4.39% to 4.24% for remortgaging. It is offered up to 60% LTV and comes with a £3,495 fee, free standard valuation and free remortgage legal service.
Aidan Smith, BTL mortgage manager at Accord, said: “We’re delighted that further market rate volatility has presented us with this additional opportunity to further enhance the value we offer brokers and their landlord clients.
“They can rest assured that we’ll continue to closely watch developments with a view to offering the most cost-effective rates possible going forward.”
