Aldermore has cut rates on its residential mortgage range by up to 0.5 per cent and reduced those for buy-to-let landlords by as much as 2 per cent.
Two-year fixed rates on standard residential mortgages for purchase or remortgage have been cut by 0.5 per cent, and are now available at 2.98 per cent up to 75 per cent loan-to-value (LTV) and 3.28 per cent up to 80 per cent LTV.
Three-year and five-year fixed rates have both been cut by 0.4 per cent, with similar reductions available on the lender’s remortgage range, while the two-year help-to-buy fix is down by 0.1 per cent.
Meanwhile, buy-to-let mortgages for purchase or remortgage available for individual landlords on single residential units have been cut by 2 per cent to 2.98 per cent up to 75 per cent LTV, with the product fee reduced from 2.5 per cent to 2 per cent.
Charles McDowell, commercial director, mortgages, at Aldermore, said: “As a result of the strong demand in the remortgage and buy-to let markets, we have looked to cut our rates to help our customers get the best deals possible.
“Additionally, our latest reductions of up to 0.5 per cent on residential mortgages comes at a time when the number of home movers has remained stagnant for the last three years.
“These reductions provide support to customers who are hoping to make a move or take their first step on the property ladder.”
David Hollingworth, associate director, communications at London and Country Mortgages, said the buy-to-let rate reduction was “massive”.
“I think Aldermore is rebranding and refocusing its proposition. It is not the lowest rate on the market put it is putting them in the upper echelons and underlining their desire to be a bigger player,” he added.
“They are associated with the specialist end of the market, but they are showing they can price competitively, too.”
simon.allin@ft.com
