Both Accord Mortgages and Coventry Building Society have sent out email notifications this morning to mortgage advisors, announcing that they are making some big reductions on their UK mortgage rates. These welcome changes come after a week of uncertainty as some lenders have back-pedalled and started to increase their rates again. The UK mortgage market is pretty difficult to understand at the moment and at times can get confusing. That’s why it is more important than ever for people looking to get a mortgage, to speak with a professional mortgage advisor. Our job at Oportfolio is to know the mortgage market inside and out, and to help you navigate the choppy waters. Here is a roundup of the changes that Accord and Coventry have recently made:
Changes To Accord UK Mortgage Rates
Accord are making changes to their Buy-to-let product transfer rates. These changes will come in to effect on the 27th of February at 6pm with the old products being withdrawn and replaced.
- 60% LTV product rates reducing by up to 0.26%
- 65% LTV product rates reducing by up to 0.18%
- 75% LTV product rates reducing by up to 0.14%
- 80% LTV product rates reducing by up to 0.05%
Changes To Coventry Building Society UK Mortgage Rates
Coventry have reduced rates on all 2 and 5 year BTL fixed rates for existing buy-to-let and portfolio landlord clients by up to 70bps. For residential mortgage borrowers, they have reduced standard 2 and 3 year 85% LTV fixed rates as well as standard 5 year 65%-85% LTV fixed rates. They have also reduced all Residential tracker rates. And finally, they have also launched new 2, 3 and 5-year fixed rate products at 50% LTV for standard residential mortgages.
The highlights of their newly released products are:
Buy-to-let: 5-year fixed – 4.70% rate – 50% LTV – £1,999 fee
Residential: 5-year fixed – 3.96% – 50% LTV – £999 fee
Speak To A Mortgage Advisor
The simple answer to the question “Are mortgage rates coming down?” is a resounding YES! However there are thousands of mortgage products on the market and a lot of lenders are still worried about the direction that the economy is heading so some are increasing rates or going back on reductions that they have already made. The best thing you can do if you are looking for a new mortgage is to speak to one of our advisors at Oportfolio. We are experts in mortgages and can search the entire market to find you the best deals and rates. Give our team a call today to see how we can help you.