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Weekly Mortgage Update

19 November 2024 Back to Blog

Key Changes and Announcements

Intensified Lender Competition Drives Rate Reductions

  • Barclays Rate Cuts: Barclays has reduced mortgage rates, including a competitive two-year fixed-rate deal at 3.75%, reflecting ongoing lender competition to attract borrowers.

Lenders Revise Criteria for Competitiveness

  • TSB Criteria Adjustments:

    • Lowered stress rates on all residential mortgages to enhance affordability.

    • Expanded access for self-employed borrowers by allowing higher loan-to-income (LTI) ratios, making borrowing more accessible.

  • Lloyds Banking Group Boosts First-Time Buyer Lending:

    • Allocated an additional £4 billion for first-time buyers through relaxed high loan-to-income (LTI) mortgage criteria.

    • Borrowing capacity increased by approximately 22%. For example, a household with a £50,000 income and a 10% deposit can now borrow up to £275,000, compared to £224,500 previously.

Standard:

Purchase 2-yr fix at 3.96% (60% LTV)

Remortgage 5-yr fix at 3.89% (75% LTV)

Purchase 2-yr fix at 4.95% (90% LTV)

Buy-to-Let:

2-yr fix at 4.16% (75% LTV)

International:

Buy-to-Let 2-yr fix at 4.74% (60% LTV)

Buy-to-Let 5-yr fix at 4.55% (60% LTV)

Buy-to-Let (Foreign National) 5-yr fix at 5.25% (75% LTV)

Residential 2-yr fix at 4.84% (75% LTV)

Residential 5-yr fix at 4.40% (75% LTV)

Interested in exploring your mortgage options?

Contact Garton Jones today for a free consultation and find the best solution for you.

marketing@gartonjones.com

Check back weekly for the latest mortgage updates!


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