Only two lenders came to market with new mortgage deals with week, proving that the industry has gone on holiday along with everyone else.
Accord Mortgages reduced the rates on a range of two and three-year fixed rate residential mortgages by 0.10 per cent, with cashback on completion on selected products.
Yorkshire Building Society’s intermediary-only lender is now offering borrowers with a 20 or 35 per cent deposit “competitive deals” with the option of added incentives.
David Robinson, national intermediary sales manager at the firm, added: “We hope that the combination of competitive short-term rates and the added incentive of cashback on completion and free standard valuation will benefit borrowers looking to buy a new home.”
Meanwhile, The Mortgage Works dropped rates by up to half a percent on its buy-to-let products from today (21 August), while new two and five-year fixed rates have also been added to the 65 and 75 per cent loan-to-value tiers.
Also part of a wider group - this time Nationwide - the lender’s head of specialist mortgages Paul Wootton said that with a likely bank base rate rise on the horizon, the updated range of fixed rate products offer longer term payment security for landlords, particularly for those with larger deposits looking to maximise their cashflow.
“There are also a range of new deals for those looking to rent out their existing residential property using a let to buy mortgage, which Nationwide customers can co-ordinate with their residential mortgage application through a streamlined process,” he continued, adding that for existing customers, switcher rates have been reduced in line with their new business equivalents.
Here are all the rates that were publicly announced this week:
| Lender | LTV/Type | Headline Rate | Product Fee |
| The Mortgage Works | 65%/2-year fixed | 2.19% | £1,995 |
| The Mortgage Works | 65%/2-year tracker | 1.94% | £1,995 |
| The Mortgage Works | 65%/3-year fixed | 2.69% | £1,995 |
| The Mortgage Works | 65%/5-year fixed | 3.29% | £1,995 |
| The Mortgage Works | 65%/2-year fixed | 2.99% | £0 |
| The Mortgage Works | 65%/2-year fixed | 2.39% (let to buy) | £1,995 |
| Accord Mortgages | 65%/2-year fixed | 1.64% | £345 |
| Accord Mortgages | 65%/3-year fixed | 1.99% | £845 |
| The Mortgage Works | 75%/50year fixed | 3.89% | £1,995 |
| Accord Mortgages | 80%/2-year fixed | 1.89% | £345 |
| Accord Mortgages | 80%/3-year fixed | 2.34% | £845 |
peter.walker@ft.com
