The Mortgage Lender, Nationwide Building Society and Pepper Money have reduced their mortgage rates.

Nationwide Building Society has reduced selected fixed rates and tracker mortgages by up to 0.40%.

The reductions have been targeted at those with smaller deposits.

The lender is offering two-year fixed rate mortgages at up to 85% loan to value (LTV) at 1.69% with a £999 fee and 2.09% with no fee.

At the same time, two-year rates for those with a 5% deposit are being reduced by 0.40% to 3.24% with a £999 fee and 3.64% with no fee.

Selected two-year tracker rates are also being reduced, with the lender now offering an 85% LTV product starting at 1.94% with a £999 fee and 2.34% with no fee.

And five-year fixed rates at up to 60% LTV are being reduced to start at 1.94% with a £999 fee and 2.14% with no fee, while those with a 5% deposit can access rates starting at 4.14% with a £999 fee and 4.34% with no fee.

Three-year fixed rates at up to 85% LTV start at 2.19% with a £999 fee and 2.49% with no fee.

Henry Jordan, Nationwide’s director of mortgages, said: “The changes announced today offer improved choices across our range and the rates are equally available to new customers and to existing members switching product with us.”

The Mortgage Lender

The Mortgage Lender has reduced several of its five and two-year fixed rates for limited company and Houses of Multiple Occupation (HMO) buy-to-let investors.

Its five-year fix for HMO investors at 70% LTV now has a rate of 3.65% and a 2% fee and the two-year fix starts at 3.49%.

The two-year limited company fix starts at 3.25% up to 70% LTV, with a 1.5% fee and the five-year fix starts at 3.59%.

The lender has also simplified the approval process for conveyancers wanting to act on limited company buy-to-let transactions.

The Mortgage Lender deputy chief executive Peter Beaumont said: “Our buy-to-let range has proved really popular. These changes make us even more competitive and demonstrate we are not happy to stand still but are constantly striving to provide greater choice and flexibility.”

Pepper Money launches lowest ever rates

Pepper Money has launched new 60% and 65% LTV tiers for clients who have not had a CCJ or default in the last 48 or 36 months.

If clients have not had a CCJ or default in the last 48 months, residential rates up to 65% LTV start at 2.17% for a two-year fixed rate and 2.97% for a five-year fixed rate.

If clients have not had a CCJ or default in the past 36 months, rates start at 2.23% for a two-year fixed rate and 3.07% for five-year fixed rate.

Pepper has also reduced existing two-year fixed rates, with rates up to 70% LTV cut from 2.37% to 2.27% and rates up to 75% LTV cut from 2.48% to 2.37%.

And for those without CCJ or default for 36 months, buy-to-let rates start at 2.78% up to 65% LTV and 3.28% up to 60% LTV.

Pepper Money sales director Rob Bernard said specialist is becoming the new mainstream and the new lowest ever fixed rates demonstrate that a failed credit score does not have to mean an expensive mortgage.

He added: “We review each case on its own merits and don’t use credit scores to determine pricing.

“With rates now available from 2.17%, there has never been a more transparent and affordable solution for your interesting cases.”