Saffron Building Society has focused on its buy-to-let (BTL), self-employed and first-time buyer propositions, with reductions of 20 basis points (bps) to its standard, limited company and expat BTL products.
Fixed rates at 90% loan to value (LTV) for self-employed borrowers and 95% LTV for first-time buyers have also been reduced by 20bps.
Expat BTL and expat limited company BTL five-year fixes at 55% LTV and 65% LTV have been cut to 6.07% and 6.17% respectively. All products have a flat £2,500 arrangement fee.
For UK-based landlords, five-year fixed limited company BTL deals have been repriced to 5.97% up to 70% LTV and 6.07% up to 75% LTV, also with a £2,500 arrangement fee.
The standard five-year fixed BTL product with a £1,999 fee has been reduced to 6.07% at 75% LTV.
Saffron Building Society has also lowered all two- and five-year fixes for self-employed borrowers, starting from 6.07% and 5.97% respectively, both at 80% LTV.
At 95% LTV, the two-year fix for first-time buyers is now 6.77% and the five-year fix is 6.37%. Both have no arrangement fee and a free valuation.
Tony Hall, head of business development at Saffron for Intermediaries, said: “The Budget has given landlords another reason to review their costs and investment plans, so these rate reductions come at a useful time. Brokers tell us their clients love the certainty of our flat arrangement fees.
On larger loans in particular, a flat fee can make a substantial difference compared with a fee calculated as a percentage of the borrowing.
“These cuts also reach borrowers who can benefit from a more individual approach, whether that’s a self-employed applicant with fluctuating earnings or an expat landlord arranging finance from overseas. For brokers, the benefit is being able to offer lower rates alongside an individual assessment, with a team they can talk to about the details that could make a difference to the application.”
Market Harborough Building Society has reduced five-year fixed rates and introduced two- and three-year fixed options.
The changes were made available on 12 November and announced to brokers in line with its Best for Brokers Promise to give intermediaries at least 24 hours’ notice of any changes.
Its rates now start at 6.12% for fixed rate residential deals and 5.09% for discounted options.
Its BTL rates start at 6.49% for fixed deals and 5.46% for discounted rates, with top-slicing and lending into retirement at standard.
Iain Smith, head of mortgage distribution at Market Harborough Building Society, said the changes demonstrated its commitment to give brokers and their clients competitive solutions.
He added: “We remain committed to delivering products that offer both value and flexibility, backed by the award-winning service and support our broker partners can rely on.”
Principality Building Society has lowered its two-, three- and five-year fixed residential rates at 65% LTV by as much as 0.08%, and made similar cuts to its two- and five-year fixes at 90% LTV.
Across its residential rates with cashback, two- and five-year fixes at 65% LTV have fallen by 7bps.
Its two- and five-year fixed joint borrower sole proprietor (JBSP) rates at 90% LTV have been lowered by up to 8bps.
For holiday let borrowers, the two-year fix at 60% LTV with no fee has been cut by 6bps, as has the five-year fix at the same tier.
