Lenders resume rate cuts
Barclays reduce their rates for first time buyers and low high loan to value (LTV) deals, where their 5 year fixed 90% loan to value product reduced to 4.79%, and 2 year fixed rate to 3.99%. Borrowers at 85% LTV can expect the 5 year fixed rate to drop to 3.99%, and those at 80% LTV will see the lifetime life time tracker deal reducing by 0.76% also to 3.99%
Virgin Money have followed suit, cutting 2 and 5 year rates for both residential and buy to let deals, also allowing investors and landlords to benefit from the summer reductions by up to 0.8%. These announcements come as lenders Natwest, Yorkshire Building Society, and Leeds Building Society have all already reduced rates at the start of the month, and we are seeing pretty much every mainstream lender now competing.
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