"Rates have undoubtedly stabilised in the last couple of months, and we hope this continues to be reflected in our product and price offering."
Bluestone Mortgages and Fleet Mortgages have both announced reductions across their entire range of fixed rate products.
Bluestone has reduced rates on all of its fixed rate residential and buy-to-let mortgages. The lender will reduce rates by up to 50bps across its two, three and five-year fixed rate product ranges, with rates starting at 7.10% and lending up to 85% LTV. The reductions are also included in Bluestone’s fees-free product ranges.
Fleet has announced price cuts to its entire range of fixed rate products.
From today, advisers can access the reduction in prices which cover all Fleet’s five and seven-year fixes, plus its green five-year fix across its standard, limited company and HMO/multi-unit block ranges.
Rates now start at 5.29% for 65% LTV five-year fixes – available for standard and limited company borrowers – and 5.39% for 75% LTV, with a seven-year fix available at 5.43%.
Fleet’s five-year fix green mortgage product – available on properties with an EPC rating of C and above – maintains its 10 basis point discount and is available at 5.29% at 75% LTV.
For HMO and multi-unit block products, borrowers can now secure a 65% LTV five-year fix priced at 5.43% and 75% LTV priced at 5.53%, with the 75% LTV five-year fix green mortgage product now at 5.43%.
Fleet also continues to offer a range of 75% LTV tracker products for both standard and limited company available at a rate of BBR plus 1.75% while the HMO/multi-unit block tracker is available at BBR plus 2%. Green trackers are priced at 10 basis points lower.
Reece Beddall, sales and marketing director at Bluestone Mortgages, commented: “As the cost of living continues to put further strain on household and personal finances, we remain committed to providing brokers and their customers with the options and support they need to navigate these challenging times. Today’s rate reduction is testament to this, and we hope that it will provide a helping hand to those looking to achieve their homeownership goals in the current climate.”
Steve Cox, chief commercial officer at Fleet Mortgages, added: “This is the second time we’ve been able to cut prices on our fixed-rate products in just over a month, so it’s very positive to see the direction of travel for rates continuing to head southwards. Rates have undoubtedly stabilised in the last couple of months, and we hope this continues to be reflected in our product and price offering. We will continue to keep a close eye on rates and market competition, particularly when it comes to any reintroduction of a two-year range, however at present the market for these products remains limited.
“Last year was a very successful year for Fleet – as our lending figures will testify – and we remain wholly committed to delivering a quality proposition, both product and service, for our adviser partners and their landlord borrowers. 2023 has begun in a strong fashion, particularly when it comes to remortgage activity, and our entire sales team are here to provide all the support advisers need in this sector.”
