Mortgage lenders have announced updates to their product ranges, including rate reductions and the addition of new products.
Nottingham Building Society
One such lender was Nottingham Building Society who announced a number of rate reductions across its range, including to its residential 5-year fixed rates which were reduced by up to 0.20 percentage points.
The building society also stated it would lower rates on buy-to-let 5-year fixed products by 0.10 percentage points.
Updates to the building society’s residential mortgage range went live on Friday September 16 while the BTL range updates will go live from Wednesday September 20.
In addition to the reductions, Nottingham also announced the launch of a number of new products.
This included the introduction of two residential 5-year fixed rate products at 75 per cent and 85 per cent LTV ratios, both without fees.
In response to broker feedback, the lender is also introducing 3-year fixed residential products at 75 per cent LTV (with £300 cashback) and 90 per cent LTV.
These products aim to provide highly competitive pay rates for customers, whether they are looking to remortgage or are first-time buyers.
Nottingham Building Society sales director, Alison Pallett, stated that the innovations were developed based on “ongoing feedback and conversations with brokers”.
The building society also confirmed all its 5-year fixed products have had their end dates refreshed to December 31.
Gen H
Additionally, Gen H announced a number of reductions across its range of products, representing the third consecutive rate drop in a matter of weeks.
These changes include 2-year and 3-year rates being reduced by up to 25 basis points across all products.
Additionally, 5-year homebuying bundle rates at 95 per cent LTV were reduced to 5.74 per cent (with £999 fee) and 5.80 per cent (without fee).
Five-year bundle rates at 90 per cent LTV were also reduced, falling to 5.63 per cent and 5.69 per cent with £999 fee and without fee respectively.
These rate reductions continue to make the lender "competitive" for 90 per cent and 95 per cent LTV products.
Gen H suggested that aspiring homeowners can continue to combine reduced rates with its tools and affordability features.
Gen H chief commercial officer, Pete Dockar, commented: “We are committed to supporting more aspiring buyers, or those who need support due to changing circumstances.”
tom.dunstan@ft.com
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