Investec cuts variable mortgage rates

Among the headline changes, tracker mortgage rates have been reduced across several loan-to-value (LTV) tiers: two-year variable tracker mortgages at both 85% and 90% LTV have seen rate cuts of 30 basis points. Meanwhile, five-year variable tracker mortgages at the same LTV levels have been reduced even further, with a decrease of 58 basis points.

Buy-to-let (BTL) mortgage customers will also benefit from the changes, with the five-year variable rate at 70% LTV cut by 42 basis points.

In addition to rate changes, Investec has recently revised its fee structure for residential mortgages. Arrangement fees for standard residential mortgages have been halved, falling from 1.00% to 0.50%. Fees for self-build mortgages have also been reduced, moving from 1.50% to 1.00%.

Peter Izard, head of intermediary business development at Investec Bank, commented:

“We are pleased to announce our latest reductions, which follow our recent cuts to residential mortgage fees and cap on arrangement fees. These changes demonstrate our commitment to listening to our brokers and continuously seeking ways to enhance our offerings. As a result of these reductions, we are now even more competitive in the market. These enhancements not only complement our high levels of service and speedy decision-making but also deliver an out of the ordinary experience for both brokers and their clients.”