In what it described as an “aggressive” challenge to the high street, GE Money has cut its interest rates by up to 1% for mortgages over £250,000.

The lender now offers a range of deals priced from 2.79% for a two-year discounted mortgage, available up to at 70% loan-to-value (LTV).

The range revamp also includes loans on new-build up to 80% LTV for the first time.

Borrowers with no defaults or County Court Judgements in the past two years are eligible to apply for the lowest rates. Those with up to two defaults and one CCJ in the same period are eligible for rates beginning at 3.59%.

GE Money marketing director Gerry Bell said:

“With rates starting from 2.79%, we can now offer some of the most competitive rates from a specialist lender. Added to improvements to our new build policy and reducing time to offer we think this is a compelling package for intermediaries and their customers.”

The lender is also to accept scanned copies of documents in order to speed up the process. This excludes the original application form, any legal documentation and accountants’ certificates, if required.

AToM managing director Dale Jannels said the move offers a real alternative to the high street: “It is just a really good, aggressive stance from GE Money.”