Complex case specialist Market Harborough Building Society has today reduced its residential and let fixed rates by up to 0.25%.
Its 2-year fixed rates are now 0.25% lower, whilst its 3-year fixed rates have reduced by 0.10%. Its 5-year fixed rates remain unchanged.
The specialist lender’s residential rates for cases up to £2m now start from 5.19% fixed and 5.64% variable for tier one cases up to 75% LTV with a £1,495 product fee.
Its buy-to-let rates now start from 5.45% fixed and 5.90% variable for tier one cases up to 75% LTV, including top-slicing and lending into retirement as standard.
BEST FOR BORKERS
Market Harborough’s head of mortgage distribution Iain Smith (main picture) said: “Off the back of another strong financial year and our recent criteria enhancements, we’re pleased to announce this reduction across our residential and let fixed rates.
“Our promise to be Best for Brokers remains as firm as ever and, as always, we let our partners know about this product withdrawal ahead of time.”
The news comes after the specialist lender made a series of enhancements to its residential and let variable and 5-year fixed rate products last month including launching a new 2-year variable rate product range across its residential and let solutions, with an ERC of 2% in year one and 1% in year two. It also enhanced its 5-year fixed rate products with updated ERCs.
STRONG FINANCIAL YEAR
Market Harborough Building Society reported another strong financial year in 2024, with total assets growing to £863m and achieving mortgage book growth of £66m, contributing to 45% book growth over the last three years.
It reported particularly strong growth of over 81% in its bridging finance lending, helping 52% more bridging brokers.
HELP FOR YOUNG PEOPLE
Due to its successes, the Society has announced a landmark donation of £250,000 to its community foundation, dedicated to supporting good causes across South Leicestershire and North Northamptonshire over the coming years. A significant portion of this will be directed towards its groundbreaking new programme ‘Thrive! Forward’ which aims to support young people.
The Society specialises in providing mortgage solutions for both simple and more complex cases up to 80% LTV. It offers a range of mortgages up to £5m with tiered products based on complexity, with the lowest tier including lending into retirement, joint borrower sole proprietor, second homes and simple annexe applications as standard.
