Clients of Coutts are now able to benefit from lower rates across residential and buy-to-let mortgages.
The new mortgage prices, which went live on Wednesday 14 September, follow a widespread review of the lending proposition across the bank, with mortgage pricing reduced to ensure competition with the market.
Rates have been reduced across the board, including for both residential and buy-to-let mortgages, with the 10-year fixed rate mortgage down by 100bps to 2.99% and a 20bps discount for lending greater than £5million. Rates also apply to clients of Adam & Company.
James Clarry, head of lending and capital management for Coutts, said: “We have a proud history, spanning almost 300 years, of supporting our clients with reliable and expert lending, for their dream home, investment opportunities or advice on the most complex borrowing.
“Today, with a loan to deposit ratio of 47%, we stand ready to support clients looking for both competitive rates and borrowing in often complex circumstances.
“Our lending service is highly flexible and we understand that many of our clients do not fit neatly into a box – that’s why we assess the entire holdings of a client when making lending decisions, looking beyond simple income.
“We know, for example, that many of our entrepreneurial clients prefer to invest in their business rather than take a salary and we therefore offer flexible affordability calculations tailored to their needs.”
He added: “Today’s prices are a clear demonstration that we are open for business and ready to lend. The two year base rate tracker, our most flexible product, is down 20bps points.
“With the Bank of England’s rate unlikely to go much lower, the 10 year fixed rate mortgage is becoming ever more popular and has enjoyed a cut of 100bps.
“And in recognition of the demand for high value lending, we are introducing a 20bps discount for all residential and buy to let lending greater than £5million. This represents a fantastic offering across the board.”
Reductions across all residential mortgage rates are as follows:
- 2-year base rate tracker reduced by 20bps to 1.74% (Base + 1.49%)
- 2-year fixed rate reduced by 40bps to 1.95%
- 5-year fixed rate reduced by 80bps to 2.19%
- 10-year fixed rate reduced by 100bps to 2.99%
Reductions in buy-to-let mortgage rates are as follows:
- 2-year and 5-year fixed rate reduced by 20 bps to 2.45% and 3.09%
The full Mortgage Pricing Matrix is below:
|Residential||Buy to Let|
|2-year Base Rate Tracker||1.74% 4 January 2019
(Base + 1.49%)
|2.24% 4 January 2019
|2-year Fixed||1.95% 4 January 2019||2.45% 4 January 2019|
|5-year Fixed||2.19% 4 January 2022||3.09% 4 January 2022|
|10- year Fixed||2.99% 4 January 2027||3.99% 4 January 2027|
*Maximum Loan to Values vary depending on repayment type and property value.