Lenders ramp up rate changes amid intensifying competition for borrowers
Halifax will introduce changes to selected fixed rate mortgage products for homemovers and first-time buyers, effective tomorrow, August 15.
Some of the high street lender’s fixed rate products will see increases of up to 0.05 percentage points, while certain two-year fixed rates at 90% loan-to-value (LTV) will decrease by as much as 0.17 percentage points.
Halifax confirmed that its online product search tool and sourcing systems will display the updated rates from Friday. Full applications for existing product codes must be submitted by 8pm today, August 14, to secure current deals.
Meanwhile, The Mortgage Works (TMW) – the buy-to-let lending arm of Nationwide Building Society – will reduce rates by up to 0.25 percentage points on selected limited company buy-to-let and house in multiple occupation (HMO) products for existing customers, also effective from tomorrow.
The changes to TMW’s limited company switcher rates include a two-year fixed rate at 3.94% with a 3% fee, available up to 75% LTV, reduced by 0.10 percentage points. The two-year fixed rate at 5.54% with no fee, available up to 75% LTV, will be reduced by 0.25 percentage points. The five-year fixed rate at 5.19% with no fee, available up to 75% LTV, will also be reduced by 0.25 percentage points.
“We are continually looking to provide our existing landlords with competitive rates and are pleased to offer these latest reductions,” said Joe Avarne, senior manager at The Mortgage Works.
These adjustments come as lenders have stepped up the pace of mortgage rate changes in recent months, intensifying competition as they vie for borrowers in a rapidly shifting market.
For mortgage brokers, the frequent rate changes mean they must stay alert and act quickly to secure the best deals for clients. Brokers need to monitor lender updates closely, as products and rates can shift with little notice. This environment increases the importance of timely advice and efficient application processes to ensure borrowers do not miss out on favourable rates.
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