Sainsbury’s Bank is reducing rates on selected buy-to-let mortgages, less than a month after launching into this sector.
The bank is reducing rates on selected two- and five-year fixes, for both purchases and remortgages.
On its remortgage products, rates have been cut at both 60 and 75 per cent LTV.
On its purchase range, rates have only reduced at the 75 per cent LTV bracket.
All these products will still offer £250 cashback, and remortgage products also come with a free standard valuation.
Some of the biggest reductions are on its fee-free products. One its remortgage range, those opting for a two-year fix (at 75 per cent LTV) will now pay a rate of 2.37 per cent. Previously this was priced at 2.63 per cent.
At 60 per cent LTV, a its fee-free two-year fix has been reduced from 2.3 per cent to 2.11 per cent.
Sainsbury’s is also offering a two-year fix at 1.45 per cent, with a £1,995 fee (also at 60 per cent LTV). Previously this was priced at 1.5 per cent.
Five-year remortgage deals now start at 2.16 per cent for a two-year fix at 60 per cent LTV (with a £1,995 fee). This was previously priced at 2.29 per cent.
In its purchase range Sainsbury’s two-year fixes now start at 1.7 per cent (at 75 per cent LTV). This mortgage comes with a £1,995 fee. It offers a fee-free version at 2.36 per cent. Previously these were priced at 1.88 per cent and 2.61 per cent respectively.