More lenders cut rates as price war intensifies

More lenders have unveiled mortgage rate cuts as they look to boost business levels in the final months of 2015.

Chelsea Building Society is launching a competitive two-year fixed rate charging 1.82% up to 85% LTV today.

The mortgage has a £1,545 product fee and is available to customers buying a new home and those looking to remortgage.

It is part of a series of reductions across the Chelsea range.

Chelsea is also targeting home-movers or first-time buyers who have a 10% deposit with a new a 3.09% two-year fix with no product fee, free standard valuation and £250 cashback on completion.

Brendan Gilligan, product manager for Chelsea Building Society, said: “In addition we have a range of products that come with incentives and no product fee which could be beneficial for those looking to save on upfront costs.”

Coventry building society has cut rates on its two, three and five-year fixed rates to 90% LTV.

The society has reduced its two-year fix until 31 December 2017 to 3.19%.

It has also cut its three-year fix to 31 December 2018 to 3.49% and its five-year fix to 31 December 2020 to 3.69%.

All three deals have been cut by 0.1%. They are available to 90% LTV with no arrangement fee.

Legal & General Mortgage Club has launched an exclusive product with Skipton Intermediaries.

The deal is a two-year fixed rate charging 2.48% up to 85% LTV. There are no application and completion fees, and the deal includes a free standard valuation.

Jeremy Duncombe, director, Legal & General Mortgage Club, said the deal is for purchases only and is being offered on a limited tranche basis.

“Funds are limited, so we expect it to sell very quickly.”

Accord Buy to Let has reduced the rate on selected mortgages by up to 0.40%, with the added incentive of cashback on completion.

The intermediary-only lender, part of the Yorkshire Building Society Group, has cut its two-year fixed rate mortgage for landlords with a 75% LTV from 2.99% to 2.59%.

Accord has also made a 0.20% rate reduction on its two-year fix to 60% LTV, which now charges 2.04%.

Its three-year fixed rate mortgage for 75% LTV customers now available at 3.34%.

All three mortgages offer £500 cashback on completion for those looking to expand their portfolio, or a choice of either £300 cashback, or free standard legal work and standard valuation for remortgaging landlords. The product fee is £2,495.

Accord has also launched a range of fixed rate mortgages for landlords with a 25%, 35% and 40% deposit, available for both remortgage and house purchase.