Accord Mortgages and Landbay are cutting interest rates this week by 24 basis points and 20 basis points respectively.
Accord lowers rates residential And buy to rent reach tomorrow.
Housing supply will see cuts of up to 24 basis points on products with a Loan-to-Value (LTV) of 75%, 80% and 85%, with selected mortgages also reduced by up to 9 basis points at an LTV of 90%. Rates with an LTV of 95% increase by up to 19 basis points.
For the buy-to-let range, the intermediary-only lender’s cuts include reductions of up to 7 basis points on products with LTVs of 60%, 65% and 75%.
Highlights include a two-year fixed rate of 4.24% (up from 4.44%) for homebuyers with up to 85% LTV, no fees, £300 cashback and free standard valuation.
Accord Mortgages product manager Aidan Smith said: “We are so pleased with these positive changes – including passing on notable discounts to home borrowers with a larger deposit and enhancing our buy-to-let offering for landlords with a larger deposit, ensuring better value across a wide range of options for agents and their clients.”
Meanwhile, Landbay is today reducing its buy-to-let rates by up to 20 basis points across its Premier, Core and Specialist ranges.
Across the Premier range, rates have been reduced by up to 15 basis points for two- and five-year fixed rate products, including like-for-like remortgages, product transfers and five-year fixes with free valuation and supported legal options.
Landbay’s Premier five-year fix with no fee is now available at 4.95%, up from 5.09%, while the five-year fix with a 3% fee is now available at 4.35%, down from 4.49%. Both products are available up to 75% LTV.
Also in the Premier range, Landbay has reduced the five-year remortgage interest relief, which is also available up to 75% LTV, and comes with legal assistance and free valuations, to 4.97%, from previously 5.09%.
These products have a fixed amount based on the loan size, up to a maximum of £750,000.
Within its Core and Specialist product range, which includes limited liability companies, holiday rentals and small healthcare organisations/MUFB, Landbay has reduced rates by up to 20 basis points.
Rob Stanton, Landbay sales and distribution director, said: “The market has changed again in recent weeks and we have made the decision to make further rate reductions across our range. We know that agents are working with landlords who are focused on controlling costs and planning ahead with greater certainty, especially those coming to the end of existing fixed rates.
“By reducing the rates for our Premier, Core and Specialist, we give advisors more room to place cases competitively, whether they are simple or more complex.”