Gen H has cut prices on a number of deals and Principality Building Society is set to lower product transfer rates by up to 25 basis points tomorrow.
The reductions by Gen H took effect yesterday and were the third round of cuts in three weeks.
The lender lowered the headline rate on its New Build Boost by 15bps to 6.14%, taking the effective to 5.17%.
The product combines an 80% mortgage with a 15% interest-free equity loan, allowing buyers to purchase a new-build property with a 5% deposit.
Because borrowers only pay interest on the 80% mortgage element, Gen H says the effective rate across the full 95% borrowed is 5.17%.
Other reductions yesterday included two and three-year fixed rates trimmed by 15bps, five-year fixed rates up to 80% LTV down by 10bps.
Five-year fixed rates at 85% and 90% LTV fell by 5bps.
Gen H says the changes reflect falling swap rates.
At Principality, product transfer rates are coming down by 25bps on residential two-year fixes and two-year discount rates at 65% LTV.
Buy-to-let two-year fixes and discount rates at 75% LTV are also falling by 25bps.
Holiday let five-year fixes and discount deals at 60% and 75% LTV will drop by the same margin.
The lender is cutting other product transfer rates by up to 20bps.
Gen H sales and distribution director Sara Palmer says: “We’ve cut rates three times in three weeks, and we’re not done – we’ll keep passing through the benefit of falling swap rates for as long as the market allows.
“This downward rate trajectory is a breath of fresh air after a turbulent few months.
“But with nearly 1.8 million fixed deals coming up for renewal this year, it matters that lenders move fast to pass through rate reductions.”
Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by finopulse.
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