From tomorrow, the Society will lower its Standard Variable Rate (SVR) by 0.20%, bringing it down to 7.59%. Alongside this change, it will reduce residential and buy-to-let mortgage rates, including those for expat borrowers. Variable rates will decrease by up to 0.45%, three-year fixed rates will drop by up to 0.15%, tier two fixed rates within the UK residential range up to £3 million will also fall by up to 0.15%, and fixed rates within the larger loan range for cases up to £5 million will be reduced by up to 0.15%.
New mortgage rates from 1 July will start at 4.99% fixed and 5.34% variable for UK residential cases, with a £1,495 product fee. For let cases up to 75% loan-to-value, including top-slicing and lending into retirement as standard, the new rates will begin at 5.40% fixed and 5.75% variable.
Iain Smith, head of mortgage distribution at Market Harborough (pictured), said: “As the Base Rate continues to drop, we’re proud to pass on a reduction in our SVR to existing borrowers. And we’re going even further by significantly lowering our new business rates, opening the door for more clients, especially those seeking the flexibility of a variable rate or with complex circumstances. It will help us support even more clients, including expats, landlords, those with non-standard income, quirky properties or looking for a larger loan up to £5 million.
We’re always listening to broker feedback, and these cuts are part of our promise to stay responsive, flexible, and easy to do business with.”
