Product changes: 7 June

Written by Joanne Leek

7 Jun 2022

Tags

Product Changes

4 min read

Today we’re making changes to some of our products, decreasing 2-year discount rates and increasing our 5-year fixes. We’re also reducing the completion fee on our self build large loan deal, cutting this to 0.10% (was 0.25%).

Full details of these changes can be found below.

When we increase rates we’re keen to make sure you have time to progress any outstanding cases on these products. We’re continuing to offer a set period of time for you to submit DIPs and FMAs, after the products have been withdrawn.

DIPs:
DIPs can be submitted on old rates up to 5pm on Thursday 9 June.

FMAs:
Mortgage applications from these previously submitted DIPs can be submitted up to 5pm on Thursday 30 June.

2-year discount rate decreases:
• Residential 80% capital & interest decreased by 0.10%, now 1.90%
• Residential 80% interest only decreased by 0.35%, now 2.10%
• Holiday let decreased by 0.44%, now 2.75%
• Expat buy to let decreased by 0.20%, now 2.99%
• Buy to let decreased by 0.30%, now 2.45%

5-year fixed rate increases (residential):
• 80% capital & interest increased by 0.14%, now 2.99%
• 80% interest only increased by 0.10%, now 3.35%
• 90% increased by 0.20%, now 3.19%
• 95% increased by 0.10%, now 3.49%

Completion fee reduction:
Self build 2-year discount large loan @ 4.19% now has a completion fee of 0.10% of loan amount (was 0.25%)

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