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The cost of mortgages has continued to fall despite the regular warnings of interest and mortgage rate rises.
After the UK’s economy recorded slightly higher than expected growth in the third quarter – of 0.4% – speculation grew again around a possible rate rise for the first time since 2009, when the Bank of England (BoE) slashed interest rates to 0.5%. In the aftermath of Brexit, the BoE cut interest rates even further – to 0.25% – to protect and stimulate the economy.
However, despite the fevered speculation, no move has yet been made and the cost of mainstream mortgage products continues to drop. According to Mortgage Brain’s latest product data analysis, a number of costs reductions for the most popular two, three and five year residential mortgages have been witnessed for the second successive quarter.Full/source article New mortgage products:New Precise Mortgages proposition Metro Bank reduces rates across its BTL deals Now launched - Aldermore’s new REDUCED rates
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Hi Vanessa. I tried to find your previous newsflash about Natwest putting up its rates but couldn't find it.
It's interesting how NW are putting up their rates but others aren't.
NW know better than me what's happening in the mortgage market so if they say its going up then there's quite a high chance that it will pretty soon.
Nat West is Govt owned as they are part of RBS.
They are just jacking up rates to repay Govt monies that bailed RBS out of bankruptcy.
Other lenders don't have to repay Govt anything so they can keep rates low if they wish.
Which it seems they are!
I was gutted to see Barclays pull their 10 yr fix at 2.99% .... just as I finally had a couple of mine coming off their 2 & 5 yr fixed rates.
Metro Bank has reduced buy-to-let rates on loans of up to £2m by as much as 0.4%
Rates now start from 2.69% at 75% loan-to-value (LTV) for a two-year fixed rate deal and 2.89% for a five-year fix at 75% LTV.Full/source article
Kensington Mortgages has made rate reductions of up to 0.40% across its residential range and 0.20% on selected buy-to-let products.
The rate reductions are available from today and end on the 12 January 2018.Full/source article
general operations director (aka Colonel Nicaffi) - propertytribes.com
Kensington Mortgages has announced rate reductions of up to 0.20% on selected buy-to-let products in its 5 year fixed range.
Accord has announced that it has reduced selected buy-to-let remortgage rates by up to 0.17%.
New rates include a 2.64% two-year fix up to 75% LTV with a £450 product fee plus £500 cashback on completion and free standard valuation.
According to the lender, also on offer is a 3.09% five-year fix at 65% LTV with a £450 product fee, free standard valuation and free legal fees.Full/source article
NatWest has announced that it has cut rates on its core and semi-exclusive ranges of residential and buy-to-let two and five year fixed rate purchase mortgages and remortgages.
In its core and semi-exclusive ranges, all residential and buy-to-let two-year fixed rate purchase and remortgage rates will decrease by 15bps.
Across the same product ranges, all five-year fixed rates will see cuts of 20bps.Full/source article