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GE Money cuts BTL rates by 0.45%

GE Money has cut its buy to let rates by up to 0.45 per cent.

It has cut its two and three year fixed rates by 0.30 per cent and its five year fixed rates by 0.45 per cent.

Its tracker rate has been reduced to 6.54 per cent.

The lender has also withdrawn its Simply Rental 85 per cent LTV products and low fee option products. It says early redemption charges have been revised.

Head of mortgage marketing Gerry Bell says: “The buy-to-let sector is a significant part of the mortgage market and we are committed to strengthening our presence there. At a time when many lenders are increasing their rates, our financial strength enables us to offer improved deals for borrowers and brokers.

There are currently over a million buy to let mortgages outstanding in the UK today, which highlights the importance and opportunities of this market for both us and our partners.”

GE Money’s two and three year fixed rate products will now be available from 5.44 per cent and 5.54 per cent respectively.

The new product range is effective from April 11.

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