Together has reduced interest rates on the majority of its fixed rate products. The lender has announced that there will be a 10bps decrease to its two-year fixed rate range across first and second charge mortgages, as well as first and second charge consumer buy-to-let (CBTL) loans. For five-year fixed rates, there will be a 40bps decrease in first charge and CBTL first charge loans, with a 25bps decrease for second charge and CBTL second charge loans. For unregulated BTL loans, there will be a 20bps decrease to both two and five-year fixed rate products. Together has stated that it will not be raising rates on its bridging products, despite current economic uncertainty.
Recognise Bank has launched two new personal savings accounts, designed to empower customers to achieve their financial goals faster than ever before. The new two-year and three-year fixed rate personal savings accounts now offer 6.1% and 6.05% AER respectively. As a result of the launch, customers can now choose the account term that aligns best with their financial plans, whether it is two or three years and whether they would like to receive interest monthly or annually. Additionally, all eligible deposits are FSCS protected up to £85,000 for individuals and £170,000 for joint accounts.
The Department for Education (DfE) has confirmed that the maximum plan two, plan five and postgraduate loan (PGL) interest rate will be 7.3% between 1 September 2023 and 30 November 2023. Since September 2022, maximum student loan interest rates have been capped in line with the latest prevailing market rate available at the time of setting the cap. However, this will be raised during the above dates to take into account the most recent increase in the prevailing market rates. From 1 December 2023, the maximum plan two and the PGL interest rate is scheduled to revert to RPI+3%, with the plan five interest rate rising to RPI. Further caps will be implemented, if required, to reduce student loan interest rates to align with the prevailing market. This will be confirmed closer to the time.
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The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
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