Shawbrook has reduced interest rates on selected buy-to-let products, including cuts of up to 25 basis points on larger loans.
The changes come into effect today (6 October) and cover a number of products within its range.
For SB2 five-year fixed rate buy-to-let products, rates have been reduced by up to 25 basis points for loans between £250,000 and £1 million.
For loans between £1 million and £2.5 million, interest rates have been reduced by up to 10 basis points.
Shawbrook has also increased prices on selected SB1 products and made changes to some of its two-, three- and 10-year fixed-rate products.
The updated range is available to customers who are purchasing or remortgaging or reviewing their existing finance, the lender said.
Meanwhile, Home Loans is scheduled to withdraw its residential products at 90% LTV at 5.30pm on October 7. Products will be replaced at lower prices the next day.
Brokers wishing to insure existing products must submit a decision in principle (DIP) by 5.30pm on 7 October.
Direct investment applications submitted before the deadline will remain valid for two working days, giving brokers until 5.30pm on 9 October to convert them into a Full Mortgage Application (FMA).
Any DIP not converted and submitted as FMA by the deadline will no longer be valid.
The institution also reminded brokers that the application and assessment fees must be paid within three working days of submitting the FMA. Orders that do not pay the required fees by 5:30pm on the third business day will no longer be valid.
The lender is urging brokers with existing DIPs to convert them to full applications as soon as possible.
The average five-year fixed residential mortgage rate is 6%, and the average two-year fix-up rate is close to 5.98%, according to Moneyfacts.
