In a recent development, The Mortgage Works and Halifax have both announced cuts to their mortgage rates, effective September 26. These changes aim to provide more favorable options for borrowers amid a fluctuating market.
The Mortgage Works Rate Cuts
Buy-to-Let (BTL) Rate Reductions
The Mortgage Works is reducing rates by up to 0.35 percentage points across selected buy-to-let (BTL) products for new customers. Key offerings include:
- Two-Year Fixed Rate:
The BTL two-year fixed rate for both purchases and remortgages has been lowered to 3.99%, a reduction of 0.35%. This option comes with a fee of £3,995 and is available for loans up to 65% loan-to-value (LTV).
- Five-Year Fixed Rates:
- A five-year fixed rate for BTL (purchase and remortgage) is now available at 3.69% with a 3% fee, reduced by 0.10%, also for loans up to 65% LTV.
- Another five-year fixed rate option is now offered at 3.99%, with a fee of £3,995, reduced by 0.15%, and available for the same LTV.
These adjustments reflect The Mortgage Works’ commitment to providing competitive options for landlords and investors in the buy-to-let sector.
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Halifax Rate Adjustments
Home Mover and First-Time Buyer Rates
Halifax has also joined the trend, announcing reductions of up to 0.30% on its mortgage products aimed at home movers and first-time buyers. This includes various offerings tailored for:
- Large Loans
- New Builds
- Affordable Housing
These adjustments are designed to make homeownership more accessible for a wider range of customers, helping them secure better financing options in a competitive housing market.
Why These Changes Matter
The recent rate cuts by both The Mortgage Works and Halifax are significant as they come at a time when many potential borrowers are seeking lower-cost options. These reductions may encourage more individuals to consider buying or refinancing properties, particularly in the buy-to-let market.
How Much Can I Borrow
If you’re wondering how much you can borrow, be sure to check out our How Much Can I Borrow Calculator. Understanding your borrowing capacity is crucial when navigating mortgage options. This tool can help you estimate your potential borrowing amount based on your financial situation.
How Much Can You Borrow?
Please note, this calculator only provides indications of possible borrowings. Contact us for a free bespoke contractor mortgage recommendation.
Curious how these rate changes could affect your mortgage? Use our How Much You Can Borrow Calculator to find out. It’s quick and easy to use, giving you a clearer picture of your borrowing potential in today’s market.
Expert Guidance
For tailored advice, our Expert Guidance at Contractor Mortgage Solutions is available to assist you in making informed decisions. Whether you have questions about your mortgage options or need help understanding the market, our experts are here to help.
Conclusion
With these recent changes, The Mortgage Works and Halifax are taking steps to offer more competitive rates, making it a promising time for potential borrowers. Stay informed and take advantage of these new opportunities in the mortgage market!
