Lenders target homebuyers, remortgagers, and specialist clients with reduced pricing
Three building societies — West Brom, Hinckley & Rugby, and Market Harborough — have announced mortgage and bridging finance updates aimed at increasing affordability and offering more options for borrowers and intermediaries.
West Brom Building Society has reduced its five-year fixed mortgage rates and reintroduced interest-only products. Borrowers with a 10% deposit can now access a five-year fixed rate at 4.40% with a £999 fee or 4.51% with no fee. At 80% loan-to-value (LTV), the rate has dropped to 4.30% with a fee.
In addition, West Brom has launched two new interest-only five-year fixed rate mortgages, available at 60% LTV with rates of 4.30% for purchases and 4.45% for remortgages. The products have no minimum income requirement, provided a credible repayment plan is in place.
“In a market where borrowers are increasingly focused on affordability and long-term security, it’s vital that we offer a wide range of competitive and flexible options,” said Aran Mann (pictured left), product manager at West Brom Building Society. “We’re also introducing new interest-only products in direct response to broker and customer feedback.”
Hinckley & Rugby for Intermediaries has also implemented rate reductions of up to 23 basis points (bps) across its entire mortgage product range. These include its core fixed rate, Income Flex, Credit Flex, and Flex Plus ranges, as well as its full retention product set.
Among the changes, the core five-year fixed at 80% LTV has been reduced to 5.39%. The Income Flex five-year fixed at 80% LTV now stands at 5.69%. The Credit Flex five-year fixed at 80% LTV has dropped to 5.79%, while the Flex Plus five-year fixed at 90% LTV has been reduced to 6.27%.
“Our latest rate changes are designed to give brokers competitive solutions in areas of the market where flexibility is vital, said Laura Sneddon (pictured centre), head of mortgage sales and distribution at Hinckley & Rugby Building Society. “We’re also making sure our existing borrowers are well served.”
Meanwhile, Market Harborough Building Society (MHBS) has enhanced its bridging finance offering with a 0.01% rate reduction and an increased loan ceiling of £5 million on its tier one and two bridging products. It has also introduced a new limited edition product range for regulated bridging applications up to £1 million.
Rates for the limited edition bridging range start at 0.58% variable or 0.62% fixed for up to 50% LTV, with pricing increasing incrementally up to 70% LTV. Its standard bridging range, designed for more complex scenarios, begins at 0.60% variable or 0.64% fixed.
“By lowering rates and increasing our maximum loan size, we’re giving brokers more options,” said Iain Smith, head of mortgage distribution at Market Harborough Building Society. “The introduction of our limited edition range also reflects our commitment to innovation and agility in a fast-moving market.”
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