Key Changes and Announcements
Intensified Lender Competition Drives Rate Reductions
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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
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TSB Criteria Adjustments:
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Lowered stress rates on all residential mortgages to enhance affordability.
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Expanded access for self-employed borrowers by allowing higher loan-to-income (LTI) ratios, making borrowing more accessible.
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Lloyds Banking Group Boosts First-Time Buyer Lending:
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Allocated an additional £4 billion for first-time buyers through relaxed high loan-to-income (LTI) mortgage criteria.
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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.
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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
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