Yo-yo residential rate changes & the best fixed rate mortgage

Platform has announced this week that it will be re-launching its mainstream mortgage range, however, now with a slight increase on selected products, including some of its best fixed rate mortgage deals yet. Perhaps a reflection of the unpredictable nature of the current financial market, with rate movement continuing to be based largely on speculation with no real set direction as of yet, Platform has decided to increase selected 2 year fixed rates by 0.1%, as well as also increasing 5 year fixed rates at 75% loan to value (LTV) with a £999 arrangement fee by 0.07%.

Despite this, all other products currently remain unchanged, with other lenders across the market equally applying changes to their products that appear largely inconsistent to one another. More in line with Platform, however, is Accord Mortgages, which has revealed an updated residential product range that now offer a new 5 year fixed rates and further rate cuts on nearly all other residential products.

The lender’s new 5 year fixed rate product with an £845 fee is now available at 75% and 80% LTV, replacing all previous 65% LTV products that have now been withdrawn, while fee-free products at 75% have all witnessed an increase of 0.05%. 5 year fixed rate products, on the other hand, have been reduced by up to 0.65% and 0.25% for 3 year fixed rates. All other products within Accord’s residential range remain unchanged.

Even after Platform and Accord’s latest changes, however, TSB Intermediary has leapt to the top of the fixed-rate leaderboard, with the release of a market leading rate. The deal, which is available up to 60% LTV, comes at a rate of 2.89% and follows the lender’s recently reduced rates on a range of its lower LTV products. Reductions of up to 0.2% were recently applied across its 2, 5 and 10 year products available at up to 85% LTV. TSB will also be withdrawing its 3 year stepped fixed-rate products from this week.

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