The bigger banks and building societies have begun the month with lowered rates across a range of mortgage lengths and loan-to-values.
From today (5 June), Virgin Money will make cuts to its residential products at 85 per cent LTV and buy-to-let deals at 60 per cent LTV.
It also announced an intermediary exclusive two-year fixed rate at 65 per cent LTV, reduced by 0.1 per cent to 1.49 per cent, with the product fee reduced from £1,495 to £995.
Peter Rogerson, Virgin Money’s commercial director for mortgages, noted: “The two-year residential fixed rate we have available exclusively through our intermediary partners has been popular, so with the new lower rate, reduced product fee and no application fee, we expect demand for this product to be strong.”
Natwest Intermediary Solutions took the scythe to rates on its three-year fixed rate mortgages, with cuts of between 6-20bps, meaning its 60 per cent LTV deals will have a sub-2 per cent initial rate of 1.93 per cent.
Paul Kane, acting head of sales at the lender, commented that 2015 has been a record year so far for the firm in terms of mortgage applications from intermediaries.
On Thursday, Skipton Building Society reduced rates by up to 0.3 per cent with the launch of a new residential range, including two and five-year fixes with no fees.
Kris Brewster, the society’s head of products, said: “In the past few months we have removed all upfront application fees, seen large reductions on our rates, and increased brokers’ residential procuration fees to 0.40 per cent.”
Finally, TSB Intermediary expanded its recently-launched buy-to-let range to include three-year fixed rates, available up to 75 per cent LTV and at a maximum loan size of £500,000.
Here are all the rates that were publicly announced this week:
| Lender | LTV/Type | Headline Rate | Product Fee |
| TSB Intermediary | 60%/3-year fixed | 3.24% (BTL) | £1,995 |
| TSB Intermediary | 60%/3-year fixed | 3.44% (BTL) | £995 |
| TSB Intermediary | 60%/3-year fixed | 3.64% (BTL) | £0 |
| Skipton Building Society | 60%/2-year fixed | 1.99% (remortgage) | £0 |
| Skipton Building Society | 60%/3-year fixed | 2.38% (remortgage) | £0 |
| Natwest Intermediary Solutions | 60%/3-year fixed | 1.93% | £995 |
| Virgin Money | 60%/2-year fixed | 2.29% (BTL) | £1,995 |
| Virgin Money | 60%/2-year tracker | 2.49% (BTL) | £995 |
| Virgin Money | 65%/2-year fixed | 1.49% (intermediary) | £995 |
| TSB Intermediary | 60-75%/3-year fixed | 3.84% (BTL) | £1,995 |
| TSB Intermediary | 60-75%/3-year fixed | 4.04% (BTL) | £995 |
| TSB Intermediary | 60-75%/3-year fixed | 4.24% (BTL) | £0 |
| Natwest Intermediary Solutions | 70%/3-year fixed | 2.18% | £995 |
| Natwest Intermediary Solutions | 75%/3-year fixed | 2.30% | £995 |
| Natwest Intermediary Solutions | 80%/3-year fixed | 2.48% | £995 |
| Virgin Money | 85%/2-year fixed | 2.34% | £995 |
| Virgin Money | 85%/3-year fixed | 2.79% | £995 |
| Virgin Money | 85%/5-year fixed | 3.25% | £995 |
| Natwest Intermediary Solutions | 85%/3-year fixed | 3.13% | £995 |
| Natwest Intermediary Solutions | 90%/3-year fixed | 3.73% | £995 |
| Skipton Building Society | 85%/2-year fixed | 2.30% | £995 |
| Skipton Building Society | 90%/3-year fixed | 3.99% | £0 |
| Skipton Building Society | 90%/5-year fixed | 4.39% | £0 |
peter.walker@ft.com
