Market Harborough Building Society has reduced rates on its larger loan products by as much as 0.60% in a move aimed at boosting its appeal to high net worth borrowers.
The changes apply to loans between £3m and £5m, with tier one rates cut by 0.35%, tier two by 0.60% and tier three by 0.15%.
The revised pricing means larger loan rates now start from 5.24% fixed and 5.59% variable for tier one cases, with a fixed product fee of £2,495.
Rates on the Society’s standard residential products, for loans of up to £3m, remain unchanged. Its Standard Variable Rate will also fall by 0.20% to 7.39% from 1 October.
Iain Smith (pictured), head of mortgage distribution at Market Harborough, said: “We’ve significantly lowered rates across our larger loan range.
“This opens the door for more clients looking to borrow between £3m and £5m and ensures we’re well-positioned to support those borrowers with both simple and more complex circumstances, including high net worth individuals and expats.
“This follows a summer of enhancements across our residential solutions, which saw us acting on broker feedback to make it even easier for them to place their cases.”
The rate cuts follow a series of recent changes designed to improve affordability. Market Harborough has relaxed residential stress testing for cases up to £5m and increased income multiples, allowing borrowing of over six times income under tier three products and up to six times under tier two.
