This week has seen a significant drop-off in the number of new mortgage deals brought to market, with only five lenders specifically cutting rates.
In the previous two weeks FTAdviser has been running an end-of-week rates round-up, there were 10 and 9 different lenders announcing new mortgage deals over the five working days.
By contrast, only Virgin Money, Norwich and Peterborough Building Society, Family Building Society, Accord Mortgages and Yorkshire Building Society published changes to rates this week.
Here are all the rates that were publicly announced this week:
| Lender | LTV/type | Headline rate | Product fee |
| Virgin Money | 60%/2-year fixed | 2.99% (Buy-to-let) | £0 |
| Norwich and Peterborough Building Society | 65%/2-year fixed | 1.94% | £0 |
| Yorkshire Building Society | 65%/2-year fixed | 1.18% | £1,369 |
| Accord Mortgages | 65%/2-year fixed | 1.74% | £345 |
| Accord Mortgages | 65%/2-year fixed | 1.59% | £345 |
| Accord Mortgages | 65%/3-year fixed | 2.14% | £845 |
| Accord Mortgages | 65%/3-year fixed | 2.24% | £845 |
| Accord Mortgages | 65%/5-year fixed | 2.34% | £845 |
| Accord Mortgages | 65%/2-year fixed | 1.74% (remortgage) | £345 |
| Accord Mortgages | 75%/2-year fixed | 1.79% (remortgage) | £345 |
| Virgin Money | 75%/3-year fixed | 3.59% (Buy-to-let) | £995 |
| Virgin Money | 75%/5-year fixed | 4.09% | £995 |
| Accord Mortgages | 80%/2-year fixed | 1.94% | £345 |
| Family Building Society | 80%/2-year discounted variable | 2.39% (offset, reverting to 4.89%) | £545 |
| Virgin Money | 80%/2-year fixed | 2.04% (intermediary exclusive) | £995 |
| Virgin Money | 85%/2-year fixed | 2.34% | £995 |
| Virgin Money | 90%/2-year fixed | 3.44% | £0 |
| Norwich & Peterborough Building Society | 90%/2-year fixed | 3.39% | £0 |
| Virgin Money | 95%/2-year fixed | 4.68% (Help to Buy) | £0 |
Both Accord and Yorkshire focused on expanding their fixed rate ranges for borrowers with a 35 per cent deposit, with the latter offering its lowest ever rate at 1.18 per cent.
Mike Regnier, chief commercial officer at YBS, commented that it seeks to support borrowers of all types, “including those with larger or smaller deposits and first time buyers and those already on the housing ladder”.
Norwich and Peterborough’s two deals were aimed at keeping up-front costs to a minimum, with no product fees and £200 cashback on completion. Remortgage customers can choose between £200 cashback or free standard legal fees.
Richard Barker, product manager at N&P, noted: “While it can be cheaper in certain circumstances to choose a mortgage with a very low rate and a higher up-front product fee, some borrowers are better off opting for lower-fee mortgages.
Virgin Money’s new range is available through all intermediaries registered with a national account, and mortgage director Peter Rogerson said they fulfill “intermediary promises” made at the start of the week.
Finally, Keith Barber, director of business development at the Family, explained that their new offset mortgage linked to a savings account is available for a property purchase or remortgage and can also be used by the self-employed or first time buyers.
“It should be great for the self-employed, who have to keep money for tax aside during the year, and can struggle to get through the computer based credit assessments of some of the larger providers,” he added.
peter.walker@ft.com
