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More mortgage rates reduced this week

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Aldermore and Sainsbury's Bank are the latest lenders to chop rates on new deals
More mortgage rates reduced this week

Despite the recent increase to the Bank of England’s Base Rate, two more lenders have cut the cost of their mortgages this week, following a raft of recent rate cuts.

Specialist Bank Aldermore has reduced rates for borrowers with a modest deposit, targeting first-time buyers, second steppers and those looking to remortgage.

Borrowers can choose from a two-year fixed rate mortgage with a £995 product fee or a fee-free option. Those with a 5% deposit pay 4.78% or 5.08% respectively. If you can muster 10% upfront the rates fall to 4.28% or 4.58% with no fee.

The lender has also reviewed rates across its three and five-year fixed ranges and tweaked its lending criteria for borrowers with a history of financial difficulty or complex borrowing needs.

Damian Thompson, director of mortgages at Aldermore, said: “At Aldermore we recognise people’s situations can be complex, so it is important to consider each case on an individual basis. Combined with a human approach to lending, these latest changes across our residential mortgage range provide much needed financial support for those going through the challenging process of buying a home.”

Sainsbury’s Bank reduces rates

This weeks Sainsbury’s Bank also cut its rates across its range of mortgages.

For homebuyers with 40% upfront, two-year fixed rates now start from 1.85% with no fee and five-year deals from 1.89%.

Rates for remortgagors have also fallen. Two-year fixed rates are down to 1.39% with a £1,495 fee and £250 cashback for borrowers with 40% equity, while five-year deals start at 1.94% with a £995 product fee and £250 cashback.

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