The Mortgage Lender has reduced its five-year fixed rate products in Tiers 1-6 by up to 0.71 per cent, with its lowest five-year rate now 3.25 per cent.
The Mortgage Lender sales and marketing director Pete Thomson said:
“Uncertainty around Brexit and what it will mean for the housing market and interest rates means five-year fixed rates are becoming more popular. Reducing our rates makes us more competitive in this segment of the market and will help brokers source competitively priced products for people who don’t traditionally fit the high street.”
These five-year rate reductions are effective from Wednesday 5th July and sit alongside a repricing of the Tiers 7-9 range.
To highlight its competitive positioning in the market The Mortgage Lender is asking brokers to #ChallengeTML for its lowest rate and certainty that the rate quoted on a successful decision in principle is the rate a customer will receive at offer.
One in three of its borrowers qualify for its lowest rate, currently 1.89 per cent and 98 per cent of its offers are on the same product rate as the decision in principle.