In the run-up to the general election it appears that lenders are holding off launching new rates, with only five lenders putting out new offers this week. One trend among these was a high proportion of longer-term fixes, which have proven popular in recent months.
Metro Bank launched a range of four 5-year fixed rates, available between 60 per cent and 85 per cent loan-to-value and at rates ranging between 2.29 per cent and 3.19 per cent, all with a £999 product fee.
Coventry Intermediaries also launched its lowest ever five-year fix at 2.19 per cent, available at 60 per cent LTV and with a £999 fee. A 65 per cent LTV buy-to-rate was also offered over five years at 3.49 per cent with a £1,999 fee.
Among a spate of new offers Nationwide launched new five and 10-year rates at 60 and 70 per cent LTV. At the lower LTV level rates are either 2.24 per cent or 2.54 per cent with a £999 fee, or 2.44 per cent and 2.74 per cent respectively without.
The 10-year rates are priced identically at 3.14 per cent with a £999 fee, or 3.24 per cent without.
The moves come in the week FTAdviser published an adviser guide to long-term fix mortgages, which among other things discussed how low swap rates and less immediate likelihood of a rise in the base interest rate have allowed providers to compete more aggressively on cost.
To read the guide and earn 50 minutes CPD, click here.
Here are the rates that were publicly announced this week:
Lender | LTV/Type | Headline Rate | Product Fee |
Metro Bank | 60%/5-year fixed | 2.29% | £999 |
Co-operative Bank | 60%/2-year fixed | 1.09% | £1,499 |
Co-operative Bank | 60%/3-year fixed | 1.89% | £1,499 |
Co-operative Bank | 60%/2-year fixed | 2.64% | £1,499 |
Coventry Intermediaries | 60%/5-year fixed | 2.19% | £999 |
Nationwide | 60%/2-year fixed | 1.49% | £999 |
Nationwide | 60%/2-year fixed | 1.89% | £0 |
Nationwide | 60%/3-year fixed | 1.94% | £999 |
Nationwide | 60%/3-year fixed | 2.24% | £0 |
Nationwide | 60%/4-year fixed | 2.04% | £999 |
Nationwide | 60%/4-year fixed | 2.34% | £0 |
Nationwide | 60%/5-year fixed | 2.24% | £999 |
Nationwide | 60%/5-year fixed | 2.44% | £0 |
Nationwide | 60%/10-year fixed | 3.14% | £999 |
Nationwide | 60%/10-year fixed | 3.24% | £0 |
Coventry Intermediaries | 65%/5-year fixed | 3.49% (buy-to-let) | £1,999 |
Metro Bank | 70%/5-year fixed | 2.49% | £999 |
Nationwide | 70%/2-year fixed | 1.74% | £999 |
Nationwide | 70%/2-year fixed | 2.14% | £0 |
Nationwide | 70%/3-year fixed | 2.24% | £999 |
Nationwide | 70%/3-year fixed | 2.54% | £0 |
Nationwide | 70%/5-year fixed | 2.54% | £999 |
Nationwide | 70%/5-year fixed | 2.74% | £0 |
Nationwide | 70%/10-year fixed | 3.14% | £999 |
Nationwide | 70%/10-year fixed | 3.24% | £0 |
Accord | 75%/2-year fixed | 2.69% (buy-to-let/remortgage) | £800 |
Metro Bank | 80%/5-year fixed | 2.79% | £999 |
Metro Bank | 85%/5-year fixed | 3.19% | £999 |
ruth.gillbe@ft.com, ashley.wassall@ft.com