Suffolk Building Society, Principality Building Society and Perenna have all made rate reductions to their mortgage ranges.
Suffolk Building Society has reduced pricing by as much as 30 basis points (bps), including its residential mortgages at 95% loan to value (LTV).
Rates at this tier are now 5.39% for a two-year fix with a maximum loan size of £500,000 or 5.05% for the five-year fixed equivalent.
The lender said this change would boost affordability for first-time buyers with smaller deposits.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “With house prices still rising, there’s a clear need to support first-time buyers with their property ownership ambitions. First-time buyers are in the spotlight at the moment and rightly so.
“With the cost of living and the ability to save up a sizeable deposit becoming even more challenging, higher LTV products go some way to help those looking to get on the property ladder. It also provides an alternative for those looking to remortgage and borrow extra for home improvements too.”
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The mutual has also made similar reductions to its fixed buy-to-let, buy-to-let light refurbishment, expat buy-to-let and holiday let products.
For its buy-to-let deal, the two-year fixed product at 80% LTV with a maximum loan size of £1m has a rate of 5.39% and the five-year fix is priced at 5.19%.
Across its buy-to-let light refurbishment offering and also at 80% LTV, the two-year fix product is priced at 5.49% and the five-year fix has a rate of 5.29%. Both have maximum loan sizes of £1m.
Its two-year fixed expat buy-to-let deal at 80% LTV is now priced at 5.69% following a 0.16 bps reduction, and the holiday let option at the same tier and also fixed for two years has been cut by 0.14 bps to 5.55%.
She added: “We’re also pleased to be able to offer landlords more affordable rates across various buy-to-let product types to help lower their monthly costs. And of course, lower payrates help with buy-to-let affordability, enabling them to access the loan amounts they require.
“As well as new regulations around energy efficiency and the introduction of a new Decent Homes Standard requiring improvements, landlords are also facing further changes from the upcoming Renters’ Rights Bill. In addition, next month’s Budget may bring further change. As a result, landlords face uncertainty so saving money where possible is always a positive.”
Perenna lowers residential rates
Perenna has reduced mortgage rates across its residential purchase, remortgage and retirement interest-only (RIO) deals.
Its RIO pricing has been lowered by 0.47% and now starts at 5.43% at 60% LTV with a £1,999 fee. The remortgage RIO has been cut by 0.27%, to start at 5.56% at 60% LTV with a £1,999 fee.
Perenna has reduced the rate of its purchase product by 0.21%, which now starts from 5.43% at 60% LTV with a £1,999 fee.
The corresponding remortgage option has been cut by 0.16% to 5.55%.
Colin Bell, co-founder and COO at Perenna, said: “We are further increasing our lending boost at Perenna with price reductions across our range. Our innovative products continue to solve many borrower use cases and with these latest reductions, we will help even more borrowers, whether those purchasing the home they really want, or those who need to remortgage during retirement.
“To make the most of these changes, try out our updated maximum lending calculator to explore tailored scenarios for your clients. Plus, don’t forget about the interest rate protection we offer on all our mortgages, giving you and your clients added peace of mind.”
Principality cuts product transfer rates
Principality Building Society has made reductions across its product transfer mortgage rates.
Effective from 1 October, this will include a rate of 4% applied to its five-year fixed deal at 65% LTV with a £500 fee. The fee-free option has a rate of 4.05%.
Its two-year fix at the same tier and with a £500 product fee will be priced at 4.4%, while the fee-free option will have a rate of 4.5%.
The mutual has also made changes up to 95% LTV for residential borrowers and up to 85% for buy-to-let and holiday-let borrowers.
