Britannia 'continues cutting prices'

Mortgage lender Britannia Building Society has announced further cuts to many of its mortgage products.

The building society has dropped the cost of its tracker homeowner loans and some of its fixed-rate deals as well as its buy-to-let mortgages.

Britannia has also introduced new loan-to-value (LTV) bands on many of its new products, giving borrowers the option of taking on a mortgage worth 60, 80 or 90 per cent of a property values.

Tim Franklin, managing director of Member Business, said: "Last week we introduced a number of cuts to some of our mortgages, now we have brought the rest of our mortgage range in line."

He added that the wider LTV choice will give would-be buyers more options depending on the size of deposit they can afford.

According to mform.co.uk, there are 80 per cent fewer mortgage deals available to first-time buyers wanting to borrow 90 per cent of a property''s value than there were a year ago.

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