Market Harborough Building Society is set to reduce its Standard Variable Rate (SVR) by 0.20% to 7.79% from 1st March.
The move will also lower residential and let discount rates by the same margin, affecting a range of products including residential loans up to £5m, buy-to-let, holiday let, and expat mortgages. Fixed rates and bridging finance rates remain unchanged.
Iain Smith, head of mortgage distribution at Market Harborough Building Society, said: “Our promise to be Best for Brokers remains as firm as ever, and we’re always looking for ways to make it even easier for brokers to place their cases.
“These latest reductions will make our range of specialist lending solutions for loans up to £5m even more accessible for clients wanting flexibility, including our range of lifetime discounts.”
From 1st March, rates will start at 5.29% fixed and 5.64% variable for residential tier one cases up to 75% LTV, and 5.55% fixed and 5.90% variable for buy-to-let tier one cases up to 75% LTV, including top-slicing and lending into retirement.
This follows a similar 0.20% SVR reduction in January and recent criteria enhancements, such as adjusted residential stress rates and a lower £300,000 minimum equity requirement for interest-only deals in London and the south east. The lender recently received the Feefo Platinum Trusted Service Award for the second consecutive year.
