Article Summary
The Mortgage Works has announced rate cuts for landlords, while HSBC, Virgin Money, and other lenders have trimmed tracker and standard variable rates following the Bank of England’s base rate reduction. These changes offer new opportunities for landlords and homebuyers looking to secure lower mortgage rates.
What This Means for You
- Landlords can benefit from The Mortgage Works’ reduced rates for buy-to-let and limited company products, with savings of up to 30 basis points.
- Homebuyers and remortgage clients can access lower rates from lenders like HSBC, Virgin Money, and Santander, as well as new sub-4% three-year fixed rate products.
- Tracker rates will include the reduced Bank base rate from various lenders, while standard variable rates remain unchanged.
- As lenders compete for business in a low-rate environment, borrowers are advised to compare and consider the best deals carefully, taking into account fees and terms for optimal savings.
Original Post
The Mortgage Works will cut rates for landlords, while HSBC and Virgin among others have trimmed tracker and standard variable rates.
The moves come a day after the Bank of England reduced the base rate by 0.25% to 4.25%, the second reduction in the cost of money this year.
The Mortgage Works will bring down prices on selected buy-to-let and limited company products for new and existing customers by up to 30 basis points from Saturday.
…See the original post for full details.
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