Brendan Burgess
Founder
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The new fixed rate term is currently available for new business only. It follows reductions over the past 18 months in residential fixed rates for new business across the 3 and 5 year terms. Earlier this year the bank announced reduced fixed rate products for new BTL customers.
The bank has confirmed that it is carrying out a review of its mortgage pricing structure for existing customers which may lead to reduced rates for existing customers later this year. In addition, existing variable rate customers may be eligible to reduce their rate by up to 0.8% by moving to a Managed Variable Rate (MVR) basis. Approximately two thirds of eligible customers have yet to avail of this move which simply requires a valuation of the relevant property which the bank itself will pay for.
The full range of prices (based on LTVs) for the 7-year fixed rate product are:
* 7 year fixed rate (<=60% LTV) - 3.10% (3.46% APR)
* 7 year fixed rate (>60% & <=80% LTV) - 3.20% (3.60% APR)
* 7 year fixed rate (>80% & <= 90%) - 3.35% (3.78% APR)
The bank has confirmed that it is carrying out a review of its mortgage pricing structure for existing customers which may lead to reduced rates for existing customers later this year. In addition, existing variable rate customers may be eligible to reduce their rate by up to 0.8% by moving to a Managed Variable Rate (MVR) basis. Approximately two thirds of eligible customers have yet to avail of this move which simply requires a valuation of the relevant property which the bank itself will pay for.
The full range of prices (based on LTVs) for the 7-year fixed rate product are:
* 7 year fixed rate (<=60% LTV) - 3.10% (3.46% APR)
* 7 year fixed rate (>60% & <=80% LTV) - 3.20% (3.60% APR)
* 7 year fixed rate (>80% & <= 90%) - 3.35% (3.78% APR)