The Mortgage Works (TMW) has made further rate reductions to its mortgages for new and existing borrowers by as much as 0.55%.
The rates come into effect on 3 October, and include a two-year fixed remortgage at 65% loan to value (LTV) with a 3% fee, which has been lowered by 0.25% to 3.59%.
At the same tier, a similar product with a £3,995 fee has been reduced by the same amount to 3.84%.
TMW has also cut the rate of a five-year fixed remortgage with a 3% fee at 75% LTV by 0.1% to 3.79%.
The lender has also reduced its switcher buy-to-let (BTL) rates, all at 65% LTV.
This includes a two-year fix with a 3% fee, which has been lowered by 0.2% to 3.59%, and a three-year fix also with a 3% fee, which has gone down by 0.1% to 3.74%.
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Further, there is a five-year fix with a 3% fee, which has been cut by 0.1% to 3.84%, and a two-year fix with a £3,995 fee, which has gone down by 0.55% to 3.84%.
Joe Avarne, senior manager at TMW, said: “We are making further rate cuts to ensure that The Mortgage Works continues to be front of mind for new and existing customers when they are coming to the end of their current deal.”
Virgin Money lowers purchase and remortgage rates
Virgin Money, which was bought out by TMW’s parent company Nationwide this week, has also announced a series of mortgage rate reductions.
Across its purchase range, its exclusive product at 80% LTV with no fee has been cut by as much as 0.14%, to start from 4.26%.
At 85% LTV, two- and five-year fixed rates will begin from 4.19% after reductions of up to 0.25%, while products at 90% LTV have been lowered by up to 0.1% and now start at 4.49%.
At 95% LTV, a reduction of 0.05% has been made to its two-year fix, which is now priced at 5.53%.
Additionally, select Fix and Switch rates have been cut by up to 0.23% and start from 4.7%, and select shared ownership rates have been reduced by up to 0.12% to start from 4.12%.
Virgin Money’s Own New products at 85% and 90% LTV have been reduced by up to 0.17% and begin at 1.66%, while its five-year fixed retrofit boost deal at 85% LTV has been lowered by 0.1% and is now 4.44%.
Across its remortgage options, the lender has lowered Fix and Switch rates by up to 0.1%, starting from 4.75%, exclusive rates at 80% LTV by up to 0.09% to start from 4.41%, and the five-year fixed retrofit boost deal at 85% LTV by 0.1% to 4.44%.
Santander cuts select fixed mortgage rates
Santander has also revealed it will be cutting fixed mortgage rates on 4 October.
This will apply across select residential products and all BTL deals within its new business and product transfer ranges.
Its new-build fixed rates will also be reduced, as well as its green residential and BTL remortgage pricing.
For new business, select standard residential fixed rates for purchase and remortgage, including green remortgage, will fall by up to 0.29%. Meanwhile, all new-build rates will be cut by up to 0.19%.
All of Santander’s BTL fixed rates, including green BTL remortgage, will reduce by up to 0.17%.
Across its product transfer offering, select residential fixed rates will be cut by as much as 0.29%, while all BTL product transfer rates will decline by up to 0.16%.
Halifax clarifies foster care income
Halifax has confirmed how it would use foster carer income in its affordability assessments for mortgage applications, after announcing it would accept this type of earning.
The lender said this would support borrowers working in this sector.
When submitting an application using foster carer income, this should be entered as self-employed income with two years’ figures entered. This will be verified to tax calculations as standard for self-employed or Halifax will accept a letter from a foster care agency with two years’ figures as proof of income.
Foster children should be keyed as dependants on applications.
