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Mortgage borrowers automatically move onto their lender’s SVR when they come to the end of a fixed rate, tracker or discounted rate play winter wonders deal, unless they remortgage to a new deal. Coventry building society is cutting rates on selected residential and buy-to-let mortgages available through brokers. Virgin Money is cutting its broker-only fixed mortgage rates and offering a five-year fix at 3.79percent (65percent LTV) – down from 3.9percent. Platform, part of the Co-operative Bank, is cutting fixed rates by up to 0.55 percentage points. It has a two-year fixed rate at 4.2percent (60percent LTV), three-year rates from 4.27percent, five-year rates from 3.9percent and 10-year rates start at 4.05percent. Two-year fixed rates start from 4.09percent (60percent LVT) with a 995 fee, or fee-free the rate would be 4.49percent.

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Nationwide also has a five-year fixed rate for remortgage (also 60percent LTV) at 4.89percent with a 999 fee. Skipton building society has renamed its joint borrower sole proprietor mortgage offers as ‘income booster’ deals in a bid to simplify mortgage jargon for first-time buyers. It will no longer offer purchase or remortgage deals for new customers. Any applications submitted by brokers up to Thursday 16 November will be accepted as normal. Residential purchase rates are tweaked down by up to 0.08 percentage points.

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These deals are for standard, single self-contained BTL properties, and are available for purchase and remortgage. The deal will be available to home buyers with at least a 40percent cash deposit and there is an 899 arrangement fee. Over a five-year term Accord is offering a rate of 4.99percent (down from 5.19percent) at 75percent LTV for BTL remortgage. New deals include a two-year fix priced at 4.81percent (reduced from 5.64percent) available at 75percent loan to value or 4.68percent (reduced from 5.25percent) at a 60percent loan to value. Halifax, the UK’s largest mortgage lender, has slashed rates on remortgage products by up to 0.83 percentage points, with effect from today.

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