Mortgages  

New deals wane as summer slowdown hits mortgage market

New deals wane as summer slowdown hits mortgage market

The summer slowdown appears to be beginning, with only four major lenders bringing new deals or price cuts to the market this week.

This translates to just 15 new rates publicised across the market during the last five days.

On Wednesday (29 July), TSB extended its buy-to-let range to include two-year fixed rates for landlords looking to buy a new property at 75 per cent loan-to-value.

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The Co-operative Bank’s intermediary lender Platform, meanwhile, revised its mainstream mortgage range available to brokers.

Highlights included reductions of up to 0.15 per cent on two, three and five-year fixed rates up to 80 per cent LTV, available to both purchase and remortgage customers. Elsewhere, its two-year fixed rate up to 90 per cent LTV for purchases only was dropped by up to 0.10 per cent.

Fee-free deals remain unchanged, while a small number of lower LTV rates have seen increases between 0.05 - 0.15 per cent as the lender “re-aligns these deals with the market”.

Coventry for Intermediaries launched new five-year fixed residential mortgages with rates starting from 2.35 per cent.

Darin Landon, their distribution director, said: “In addition, as always all of our products are booking fee free and our residential products include a valuation up to £670, so this is the ideal time for your clients to secure a highly competitive deal.”

Finally, along with the announcement of its second broker partnership with London and Country, HSBC took the scythe to the cost of its mortgages.

The bank reduced rates for 26 mortgages by up to 0.4 per cent, including a two year fix at 1.69 per cent for up to 70 per cent LTV down from 1.74 per cent and continuation of the two-year discount rate at 0.99 per cent, available for up to 60 per cent LTV.

Here are all the rates that were publicly announced this week:

LenderLTV/Type Headline Rate Product Fee
TSB60%/2-year tracker1.54%£1,995
HSBC60%/2-year fixed1.89%£0
Coventry for Intermediaries65%/5-year fixed2.35%£999
TSB 60-75/2-year fixed2.99%
HSBC70%/2-year fixed2.69%£0
Coventry for Intermediaries75%/5-year fixed2.55%£999
Coventry for Intermediaries75%/5-year fixed2.79% £0
Platform80%/2-year fixed1.59%£1,499
Platform80%/2-year fixed1.74%£999
Platform80%/3-year fixed2.29%£999
Platform80%/5-year fixed2.64%£1,499
Platform80%/5-year fixed2.79%£999
HSBC85%/3-year fixed3.09%£0
HSBC85%/5-year fixed3.29%£0
Platform90%/2-year fixed3.39%£999

peter.walker@ft.com