Freedom Lending reduces rates

As part of the enhancements, Freedom has reduced its rates by up to 0.25 per cent, including its let-to-buy offerings. Freedom has also launched a lifetime tracker and a two-year tracker as part of the improvements.

Get the daily news delivered to your inbox

Its lifetime tracker is available from 6.18 per cent, with a one-year early repayment charge, while its two-year tracker is available from 5.48 per cent. A 1 per cent completion fee also exists on the product. Both of the products have no higher lending charges, and include a proc fee of 0.50 per cent.

Mel Dring, marketing director at Freedom Lending, said: “Although there is an expectation of a further rate rise in the near future which has fuelled demand for fixed rates, there is also a belief that we are now at the top of the current interest rate cycle and that rates may fall again over the medium term. Competitive trackers are an excellent option for anyone who is willing to look beyond the next increase.”

Download our news ticker

However, Peter O’Donovan, mortgage manager at Bestinvest, said: “There are other deals by Clydesdale and Abbey that seem cheaper and I don’t think the Freedom range is very competitive.”

Register for 'Adviser Finder' here