Two more lenders are slashing their rates. This could mean cheaper deals for both homebuyers and landlords.

Specialist lender Vida has announced cuts of up to 0.30% on both its residential and buy-to-let mortgages. This means lower monthly payments for borrowers, particularly those looking for higher loan-to-value products.

Here’s a breakdown of Vida’s cheapest rates:

• Residential: 6.24% at 75% LTV (available on the Vida 36 credit tier)
• Buy-to-Let: 5.01% at 75% LTV (available on the Vida 36 credit tier)

Helen Cawthra, Vida’s head of intermediary relationships, encouraged brokers to check out their Product Switch Hub for customers nearing the end of their current deals, hinting at even more competitive rates.

Principality Building Society Joins the Rate Reduction Bandwagon

Principality Building Society has followed suit, announcing cuts of up to 0.10% on its two, three and five-year fixed-rate residential mortgages up to 65% LTV. Borrowers needing higher LTV products up to 75% could see even bigger savings, with cuts of up to 0.9% available.

The building society also reduced rates on:

• Five-year fixes up to 80% LTV
• Two-year shared ownership products
• Two-year fix Joint Borrower Sole Proprietor (JBSP) mortgages

These rate cuts offer a welcome reprieve for borrowers worried about rising mortgage costs. Keep an eye out for other lenders following suit, potentially signalling a shift in the mortgage market.