Accord Mortgages will cut landlord product transfer home loan rates by up to 35 basis points at 9am tomorrow (26 September).
Prior to that, Yorkshire Building Society’s broker-only lender will pull its current buy-to-let switching range from 8pm today (25 September).
It adds the move is part of its policy of giving intermediaries at least 24 hours’ notice of any upcoming changes.
Highlights of the lender’s changes include:
* Two-year product rates will be cut by 30bps
* Three-year product rates will be cut by 30bps
* Five-year product rates will be cut by 35bps
The cuts come after the Bank of England’s Monetary Policy Committee last week held the base rate at 5.25%, in a narrow 5 to 4 vote, following its previous rise on 3 August.
Many economists expected a further 0.25% hike before the committee would consider how its previous 14 consecutive rate rises were feeding through the economy, as it battles inflation.
The cost of living unexpectedly slowed to 6.7% in the 12 months to August yesterday – down slightly from 6.8% in July.