Aldermore has reduced its rates on a selection of buy-to-let and residential mortgage products.

Changes are as follows:

Residential:

• Two-year fixed rates have been cut by up to 0.6 percentage points.
• Three-year fixed rates have been cut by up to 0.2 percentage points.

Buy-to-let:

• Two and three-year fixed rates have been cut by up to 0.4 percentage points.
• Two-year discounted rates have been cut by 0.3 percentage points to 4.48% for loans up to 75% LTV and a new 80% LTV rate of 4.98% has been introduced.

Charles Haresnape, managing director of residential mortgages at Aldermore, said: “As lender competition intensifies, so we want to ensure that our residential and buy-to-let mortgage pricing remains as keen as possible.

“The recent lending figures published by the Bank of England confirm that although the number of loans for house purchase have fallen slightly, remortgaging showed a 4% increase in February, which suggests that borrowers may be looking to lock into low rates before an inevitable rate increase at some point in the future.

“Our lower rates and non-reliance on credit scoring may encourage borrowers to make that move sooner rather than later. “