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For those looking for some certainty over repayments, a two-year fix might make more sense. This is because if rates fell in the next year or two, home loan customers could then step on to a better deal. The Office for National Statistics (ONS) says that 1.4 million mortgage customers, who bought properties with fixed-rate home loans when interest rates were set below 2%, are due to renew their arrangements in 2023. However, rates are higher for small-deposit mortgages most common among first-time buyers. Mortgage rates peaked at around 6.5% last October, but have been steadily falling since. According to data from online mortgage broker Better.co.uk, the average cost of a two-year fix now stands at 5.10%, or 4.72% for a five-year fix.
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Its standard BTL five-year fixed rate (for borrowers with good credit) is now at 4.79% with a 6% fee. It is also offering a two-year fixed rate for landlords of houses in multiple occupation (HMOs) at 5.34% with a 3% fee. Fleet Mortgages has tweaked rates down across its standard BTL range, as well as deals for limited companies and houses for multiple occupancy (HMOs) by up to 0.15 percentage points. Its standard BTL two-year fixed rate for individual landlords at 75% loan to value is now 4.89% with a 3% fee, and a five-year fix at 70% LTV is at 4.59% with a 5% fee. Coventry building society is also cutting rates again for new residential and buy-to-let borrowers, for deals available through brokers.
State Bank of India is withdrawing its entire buy-to-let product range as of 5pm today (26 May) while it reviews its pricing. The Bank rate currently stands at 4.5% and there is speculation it could rise to 4.75% when the new figure is announced on 22 June. Meanwhile, Precise Mortgages, Kensington, Kent Reliance, Hodge and Marsden Building Society have each withdrawn select deals. The Bank of England may decide to increase its Bank Rate from 4.5% to 4.75% when it meets later this month (22 June) because inflation, particularly food inflation, remains high. But if the same borrower took the loan over 35 years they would pay back ‘336,198 in interest ‘ ‘100,000 more.
Its five-year fixed rate for new remortgage customers is now 4.88% (60% LTV) ‘ up 0.24 percentage points. TSB has also increased rates for new and existing customers by up to 0.4 percentage points. Its two-year fixed rate remortgage deal is now priced at 5.54% (60% LTV) and its five-year fix is 5.04%.
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The number of remortgages had fallen in previous months as more borrowers decided to take a product transfer deal with their existing lender. This option can be attractive when rates are rising, as the customer does not need to undergo a full try this affordability assessment. Yorkshire building society has announced rate reductions of up to 0.35 percentage points across its fixed rate range. The biggest rate cuts are for borrowers with the smallest cash deposit or equity in their home.
Skipton building society has cut residential fixed rates across its range by up to 0.49 percentage points, effective today. Its 100% loan to value Track Record mortgage deal for first-time buyers has been cut from 6.19% to 5.94%. West Bromwich building society has cut three-year fixed rate deals by up to 0.3 percentage points.
Halifax, part of Lloyds Banking Group, has cut selected fixed rates for purchase and remortgage by up to 0.36 percentage points. It has also joined the ranks of lenders offering deals at under 5%. Specialist buy-to-let lender Fleet Mortgages has cut two and five-year fixed rate deals for new borrowers, following a range of rate cuts last week.
This is the lender’s third round of mortgage rate increases this month. Most lenders have adjusted rates upwards in recent weeks in response to inflation data in the UK and in the United States official statement which shows prices are not falling as quickly as had been hoped. At higher loan-to-value ratios, Barclays’ fee-free two-year fixed rate at 90% LTV has been increased from 5.43% to 5.66%.
Newcastle building society has reduced selected buy-to-let fixed rates by up to 0.36 percentage points. It is offering a five-year fixed rate at 5.55% (80% LTV) and equivalent two-year deals from 5.85%. Accord, the specialist lending arm of Yorkshire building society, has cut selected buy-to-let rates by up to 0.3 percentage points. The intermediary-only lender is offering a two-year fixed rate at 4.79% (down from 4.94%) for BTL purchase at 60% LTV.
New rates will be released tomorrow morning, but TSB’s current two-year fixed rate for remortgage borrowers with at least 40% equity or deposit is 5.74% with a ‘995 fee. However, the rate on the lender’s Freedom to Fix tracker has been cut by 0.02 percentage points and has a new start rate at 5.23% (it tracks at 0.23 percentage points above the Bank of England Bank Rate). Borrowers can choose to fix at any time with no penalty by switching to one of Virgin’s fixed rate deals.
An added financial danger, however, is that those who are already paying a substantial proportion of their net income in mortgage costs will be stretched by the increased payments on their new deal. In turn, they could be forced into reducing any savings provision they are already my sources making whether in the form of cash deposits, individual savings account, or pension. Aldermore has cut mortgage rates for residential and buy-to-let borrowers by up to 0.97 percentage points. It is the second time the lender has reduced rates this year, writes Jo Thornhill.