Complex case and bridging finance specialist Market Harborough Building Society has introduced a series of updates to kick off the new year.
Key changes include a 0.20% reduction in its Standard Variable Rate (SVR), now at 7.99%, alongside further cuts in fixed and variable mortgage rates. Residential rates have decreased by up to 0.40%, while buy-to-let rates have dropped by 0.20%.
In addition to rate reductions, the lender has improved its criteria, such as lowering the interest stress rate on residential products and reducing the minimum equity required for interest-only deals in London and the south east to £300,000.
Market Harborough’s head of mortgage distribution Iain Smith said: “Our promise to be Best for Brokers remains as firm as ever. These latest rate and criteria enhancements mean that our range of specialist lending solutions for loans up to £5m are now even more accessible to brokers and their clients. As always, we let our partners know about these rate reductions ahead of time.”
Following these changes, residential tier one rates now start from 5.29% fixed and 5.84% variable for up to 75% LTV with a £1,495 product fee. Buy-to-let tier one rates begin at 5.55% fixed and 6.10% variable for up to 75% LTV, including top-slicing and lending into retirement.
For bridging finance, monthly rates now start from 0.61% variable and 0.65% fixed for up to 50% LTV, with slightly higher rates applying for LTV bands between 50.01% and 70%. All bridging rates are approximate, with interest charged daily.
This move comes shortly after the lender announced rate cuts of up to 0.30% across its residential and buy-to-let fixed rate products in December.
