Sainsbury’s Bank to reduce mortgage rates

Joining the rate-cutting club alongside Leek United and Tesco Bank, Sainsbury’s Bank will offer improved mortgage rates within its residential and buy-to-let product range from Monday 9 July.

Within its two-year residential offerings, the bank will reduce one of its 95 per cent LTV mortgages by 0.2 per cent to 3.19 per cent plus £500 cashback, and another 95 per cent LTV by 0.3 per cent to 3.39 per cent with £1000 cashback. Its five-year residential 95 per cent LTV will also be cut by 0.3 per cent to 3.29 per cent with £500 cashback.

Meanwhile, changes in its five-year residential remortgage range include:

  • 60 per cent LTV reduced by 0.04 per cent to 1.85 per cent with £995 product fee and £250 cashback or fee assisted legals
  • 75 per cent LTV reduced by 0.03 per cent to 1.91 per cent with £995 product fee and £250 cashback or fee assisted legals
  • 80 per cent LTV reduced by 0.06 per cent to 2.03 per cent with £995 product fee and £250 cashback or fee assisted legals

Additionally, in the bank’s five-year buy-to-let remortgage range, the 75 per cent LTV mortgage will be reduced by 0.09 per cent to 2.56 per cent alongside a £995 product fee and £250 cashback.

Sainsbury’s Bank head of mortgages product management Paul Collins says: “Our products continue to prove popular and we consistently review our rates to give our customers the best deals we can.”

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