"With speculation of a rate rise and increased swap rates, many lenders are having to follow the market trajectory of increasing rates"
According to the lender, Product 11618, a 2 year BTL fix at 60%, is being reduced by 0.25% bringing it to a new rate of 1.80% and Product 11619, also a 2 year BTL fixed at 60%, is being cut by 0.20%, resulting in a new rate of 2.25%.
The changes to the the residential products are as follows:
• Product 11593 2 year fixed at 65% reducing by 0.15% (New rate of 1.85%)
• Product 11601 2 year fixed at 75% reducing by 0.15% (New rate of 1.90%)
• Product 11606 2 year fixed at 80% reducing by 0.15% (New rate of 2.00%)
• Product 11609 2 year fixed at 85% reducing by 0.15% (New rate of 2.10%)
Ross Williams, Acquisition Product Manager, had this to say: "With speculation of a rate rise and increased swap rates, many lenders are having to follow the market trajectory of increasing rates. Of late we have seen a lack of movement in pricing of two year fixed products in the market. In order to remain competitive, we are reducing our two year fixed residential products between 65% to 85% LTV, to help our customers prosper in their homes and to provide our intermediaries with additional opportunities to engage with their clients”.
