Lenders rush in for pre-Easter rate cuts

Lenders rush in for pre-Easter rate cuts

Six lenders have cut mortgage rates ahead of the Easter weekend, on deals across the loan-to-value range and on a variety of different terms.

Post Office Money came in with the widest selection of new offers, including fixed-rate cuts and a newly-priced Help to Buy product.

Specialist lender Kensington cut rates by up to 0.6 per cent across its buy-to-let and residential range as part of a “major growth push”, with Steve Griffiths, head of sales and distribution, commenting on growing demand for work on those with incomes too complex for the high street to handle.

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David Hollingworth, associate director of communications at London and Country Mortgages added: “The mortgage market is offering very competitive rates at the moment but many borrowers can still find it hard to tick all the boxes for some high street lenders.

“Alternative approaches to cater for borrowers who are self employed or have a more complex income are therefore very welcome.”

Meanwhile, Teachers Building Society has lowered the arrangement fee on its 90 per cent and 95 per cent LTV mortgages, in a bid to make them more affordable to first-time buyers.

The previous arrangement fee of £1,999 is down to £899 and the two mortgages have been relaunched as three-year variable rate mortgages, in order to meet the needs of customers who want longer term discounted deals.

Norwich and Peterborough Building Society launched its lowest ever five-year fixed rate mortgage at 2.28 per cent, while Metro Bank updated its residential and buy-to-let mortgage ranges.

Specifically for the intermediary market, Halifax also launched new two-year tracker and five-year fixed rates, along with reduced rates within their two-year range.

To complete the rates round-up, here are all the publicly announced deals this week:

LenderLTV/typeHeadline rateProduct fee
Halifax60%/2-year tracker1.09%£1,499
Metro Bank60%/5-year fixed2.49%
Post Office Money 60%/3-year fixed1.75%£1,995
Post Office Money 60%/2-year fixed1.25%£1,995
Norwich & Peterborough Building Society65%/5-year fixed2.28%£1,295
Metro Bank65%/2-year fixed2.89%
Metro Bank65%/5-year fixed3.59%
Metro Bank70%/2-year fixed1.99%
Metro Bank70%/2-year tracker2.39%
Metro Bank75%/2-year tracker2.89%
Post Office Money 75%/5-year fixed2.49%£995
Halifax75%/5-year fixed3.44%£999
Halifax75%/5-year fixed3.64%£0
Halifax75%/2-year tracker1.54%£999
Halifax75-80%/2-year tracker1.84%£999
Post Office Money 80%/2-year fixed1.83%£995
Halifax80-85%/2-year tracker2.09%£999
Metro Bank85%/2-year tracker2.19%
Post Office Money85%/2-year fixed2.19%£995
Teachers Building Society90%/3-year variable4.59% first three, then 4.99%£899 arrangement, £99 application
Teachers Building Society95%/3-year variable First time buyer (teachers only)4.89% first three, then 4.99% £899 arrangement, £99 application
Post Office Money95%/Help to Buy 2-year fixed3.98%£0