25 Sep

More mortgage cuts announced

More mortgage cuts announced

Britannia Building Society has become the latest lender to announce fresh cuts to its mortgage deals.

The lender has revealed it is to trim the costs of its two and ten-year fixed rates, following previous changes to its other fixed-rate deals.

In addition to this, customers are being given the opportunity to take out mortgages with loan-to-value ratios of as much as 90 per cent, depending on the deposit size.

Managing director of member business at Britannia Tim Franklin said: "Last week we introduced a number of cuts to some of our mortgages, now we have brought the rest of our mortgage range in line."

The lender also announced that its cuts would apply to buy-to-let mortgages as well.

Buy-to-let mortgage terms are becoming more favourable, according to research by insurers Legal & General.

It recently revealed that the average loan-to-value rate for buy-to-let mortgages rose from 67 per cent to 73 per cent in the last quarter.

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