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- Co-operative Bank for Intermediaries has also increased selected product transfer deals for residential customers , by up to 0.6 percentage points.
- Time frames for using the bonus are usually listed right at the top of the terms and conditions, and they aren’t just in place for no deposit bonuses in Canada.
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- It is the bank’s second rate cut in a week, writes Jo Thornhill.
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For those with 20percent equity (80percent LTV), five-year fixed rates now start from 4.94percent (or 5.34percent over two years) with a 995 fee. Among its new rates on product transfer deals is a five-year fixed rate at 4.34percent (60percent LTV) with a 995. The two-year equivalent deal now starts from 4.69percent (up from 4.59percent). Two, three and five-year fixed-rate residential product transfer deals at 60percent LTV up to 75percent LTV are affected. Two-year deals with a 995 fee will now start from 4.64percent, while equivalent five-year rates will rise to 4.39percent.
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The same deal for landlords of houses of multiple occupancy is now at Bank Rate plus 1.89percent, giving a starting pay rate of 6.14percent. Both tracker deals have a 3percent fee and a 200 application fee. It has cut its five-year fixed rate from 6.55percent to 6.45percent (70percent LTV) for properties up to 20 million. However, smaller loans for commercial buy-to-let borrowers (1 million or less) will increase in cost. The lender has upped five-year fixed rates by 0.2 percentage points to 5.5percent (at 65percent LTV) and to 5.7percent (at 75percent LTV). Among its new deals HSBC is offering a two-year fixed rate for remortgage at 4.99percent (60percent LTV) and a five-year fix (60percent LTV) at 4.64percent.
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This is available to buyers with at least 40percent cash deposit (60percent loan to value). Santander is the latest of several major lenders to trim the cost of fixed rate deals since the start of the year on the back of growing market confidence that interest rates have peaked. Zephyr, the buy-to-let lender, has cut its two-year fixed rates by up to 0.55 percentage points and five-year fixed rates by up to 0.65 percentage points. Two-year deals start from 4.8percent with a 5percent fee, while five-year deals start from 5.3percent with the same fee (both at 65percent LTV). Pepper Money has made cuts across its entire mortgage range by up to 0.98 percentage points.
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