Tom Bill, head of UK residential research at Knight Frank, looks at the likely impact felt by borrowers coming off fixed-rate deals agreed some time ago on better terms.
Related topic: Finance
The agreement follows the lender's announcement of a £250m bank funding line secured earlier this year.
The lender has also made further rate reductions on a selection of two and five-year fixed-rate products.
The gap between the monthly cost of homeownership and renting has shrunk to its lowest level since 2019.
From 1st April this year, councils can charge a premium of 100% of a property's council tax bill on homes that have been empty for 12 months.
Rates on five-year fixed-rate buy-to-let mortgages start at 5.35%
New products included in the suite include two and five-year fixed rates, available to both 65% and 75% LTV.
Selected limited company rates have seen a reduction of 0.40%
The NAVA Propertymark member says that sales have surged this year, with 2024 already proving to be a much busier year for them.
The lender has also announced a rate reduction on one of its five-year mortgages following broker feedback.
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