Suffolk Building Society has cut rates by up to 30 basis points and Market Harborough by up to 20bps today.
At Suffolk, the price cuts are to its two-year residential and holiday let mortgages.
The deals all come with fees of £1,198.
Following the changes, an 80% LTV two-year fixed rate (capital and interest) has reduced by 30bps to 4.99%, with a max loan size of £2m.
For interest-only borrowers, an 80% LTV fixed rate has come down by 15bps to 5.29%, max loan £750,000.
At 90% LTV, a two-year fixed rate has reduced by 30bps to 5.25%, up to a max loan £500,000 on a capital and interest basis.
And at 95% LTV, a two-year fixed has been cut by 20bps to 5.69%, with the same max loan size, also on capital and interest.
In Suffolk’s holiday let range, an 80% LTV two-year fix has come down by 11bps to 5.69%, with a max loan of £1m.
Market Harborough Building Society, which specialises in bridging and complex cases, has reduced residential and buy-to-let fixed rates by 20 bps.
Residential rates now start from 5.59%.
It has also expanded its range of short-term deals with loans now available up to £5m and its maximum LTV increased to 70%.
Suffolk head of intermediary relations and mortgage sales Charlotte Grimshaw says: “There have been lots of positive signals across the property market in recent weeks.
“We’re pleased to see confidence returning with would-be buyers and movers buoyed by reduced interest rates.
“As the Bank of England’s rate cut hit in early August, it’s also quite likely that we haven’t yet seen its full impact.
“After a busy summer of sport, the general election and school holidays, routines will soon be reverting to normal and we may see further market momentum.
“We know that many people have delayed buying, selling or remortgaging their home, so we hope our reductions serve as an additional encouragement.”
Market Harborough head of mortgage distribution Iain Smith adds: “Hot on the heels of our recent rebrand and launch of our Best for Brokers Promise, we are making changes that will benefit brokers and their clients.
“We’re bringing down fixed rates on our standard term mortgages and are really excited about extending the loan size and LTV on our bridging finance to make it even more accessible.”
