BM Solutions, Virgin Money, Allica, and others also implement rate cuts
Several lenders have made reductions to their mortgage rates across residential and buy-to-let segments, with Halifax leading the charge.
Other lenders, including BM Solutions, Virgin Money, Allica Bank, Newcastle Building Society and Gen H, have also implemented a wave of pricing adjustments.
Halifax for Intermediaries has reduced homebuyer rates by up to 0.10%. The most notable cuts are to five-year fixed rates at 80% loan-to-value (LTV), now offered at 4.27% with a £999 fee and 4.38% without. Two-year fixed rates have fallen by eight basis points (bps), with 80% LTV options starting at 4.20% with a fee, and 4.46% fee-free. At 85% LTV, pricing begins at 4.23% with a fee and 4.49% without.
Sister brand BM Solutions has trimmed buy-to-let rates by as much as 0.16% across purchase and remortgage products. Two-year fixed purchase rates at 75% LTV now begin at 4.09% with a 1% fee, 4.14% with a £1,499 fee, and 4.55% with no fee. Five-year fixed options start from 4.40% with a 1% fee or 4.43% with a £1,499 fee. Remortgage rates have also dropped, with two-year fixed products at 75% LTV now starting from 4.20% with a 1% fee, 4.25% with a £1,499 fee, and 4.66% without.
Meanwhile, Virgin Money has made several changes across its purchase, remortgage, and buy-to-let offerings. The lender reduced its exclusive 80% LTV two-year fixed rate by 0.10%, bringing it to 4.19%, while the five-year version was trimmed by 0.03%, now at 4.26%, both with an £895 fee. Shared Ownership fixed rates have been cut by up to 0.15%.
Remortgage pricing changes include a 0.06% reduction on the 75% LTV five-year fixed rate with a £995 fee, now set at 4.14%. For buy-to-let, selected two- and five-year fixed rates with various fee structures have been reduced by up to 0.14%.
Virgin has also introduced two exclusive products: a 75% LTV five-year fix at 4.14% and an 85% LTV five-year fix at 4.28%, both carrying an £895 fee.
Challenger lender Allica Bank has announced enhancements to its commercial and specialist buy-to-let mortgage range, including a 0.25% cut to all owner-occupied and semi-commercial investment mortgage rates.
Specialist buy-to-let rates have been reduced by 0.10%. The bank is also offering a further 0.25% discount for businesses that open a current account alongside a commercial mortgage. Other existing discounts remain in place, including 0.25% off for properties with an EPC rating of A to C, large loans over £750,000, or businesses meeting specific affordability metrics.
Additionally, Allica has adjusted its affordability assessment, lowering the stress rate on base rate-linked loans to 1%, and easing debt service cover requirements on semi-commercial loans to 120%.
Elsewhere, Newcastle Building Society has announced it would cut its standard variable rate (SVR) by 0.25% to 6.50%, effective July 1. The change applies to residential, self-build, and buy-to-let customers across the UK whose mortgages are linked to the SVR.
Fintech lender Gen H has also slashed rates by up to 50bps across its entire range. The biggest changes apply to two-year fixed products, with 60% LTV rates down by 50bps, 80% LTV rates reduced by 30bps, 90% LTV by 20bps, and 95% LTV by 15bps. Three-year rates have dropped by 10 to 30bps, while five-year rates have decreased by five to 20bps. The lender’s New Build Boost product now carries a reduced rate of 6.29%, down 10bps.
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