Halifax, Coventry, and others slash pricing across key segments
A number of mortgage lenders, including major lender Halifax, have unveiled reductions to mortgage rates and product enhancements, signalling a broader shift toward more competitive offerings amid evolving market conditions.
Halifax has introduced three additional fixed rate remortgage products under 4%, with new deals including a two-year fixed rate at 3.79% at 60% LTV with a £1,999 fee and two five-year fixed rates at 3.98% with a £999 fee and at 3.88% with a £1,999 fee, all at 60% LTV. These mark cuts of up to 0.31%.
Previously, the lender lowered its two-year fixed rate to 3.94% at 60% LTV with a £999 fee, a 0.12% reduction. It also reduced five-year fixed rates at 80% LTV by 0.21%, now starting from 4.38% with no fee and 4.27% with a £999 fee, while its two-year fee-free fixed rates at 90% and 95% LTV dropped by 0.19% to 5.15%, respectively.
Meanwhile, YBS Commercial Mortgages has restructured its buy-to-let offering to support experienced portfolio landlords with borrowing needs above £750,000. The revised range includes a five-year fix at 4.80%, down from 4.95%, up to 65% LTV with a 3% fee, and new options at up to 55% LTV at 4.75% with a 3% fee or at 4.95% with a 2% fee.
The commercial lending arm of Yorkshire Building Society has also reduced rates on its semi-commercial range by 0.20%. Borrowers can now access five-year fixed rates at 6.20% up to 60% LTV, or at 6.25% up to 70% LTV, both with a 3% fee.
Accord Mortgages, also part of Yorkshire Building Society, has revised its affordability assessment, allowing it to lend on average 15% or £37,000 more to borrowers. The move follows updated regulatory guidance permitting lenders to apply lower stress rates when evaluating affordability. The change applies to all new lending.
Back to rate cuts, Coventry Building Society has implemented rate reductions across its residential and buy-to-let products. All fixed rates for new and existing residential borrowers between 65% and 85% LTV has been cut. In its BTL range, new borrower fixed rates at 65% LTV, all limited company BTL deals, and fixed rates for existing borrowers between 50% and 65% LTV have also decreased. Green further advance rates have also been slashed.
Similarly, The Co-operative Bank – acquired by Coventry Building Society – has announced cuts to selected residential and retention rates by up to 0.08%, effective from May 2. The adjustments apply to two-year fixed remortgage and retention deals between 60% and 75% LTV.
In addition, The Mortgage Works has lowered fixed rates across its buy-to-let, limited company and let-to-buy products. Highlights include a BTL two-year fixed rate at 2.99% at 65% LTV with a 3% fee, down 0.15%; and a five-year fixed rate at 3.74%, reduced by 0.1%. For limited companies, the lender has cut its five-year fixed rate to 4.84% at 75% LTV with a 3% fee and free valuation, as well as its two-year fixed rate to 4.99% at 75% LTV with a £3,995 fee and free valuation.
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