Rates at 90 to 95% LTVs have also been reduced to support first-time buyers
Coventry for intermediaries has implemented rate reductions across the majority of its fixed rate offerings, resulting in a drop of up to 37 basis points in residential rates.
The lender said the rate adjustment includes two-, three-, and five-year fixed rate options, providing more options with lower rates for potential borrowers.
Particularly targeting first-time buyers, Coventry has lowered rates at 90 to 95% loan-to-values (LTVs), with selected products offering a £500 cashback incentive.
As a result of its latest rate cuts, Coventry’s five-year fix at 90% LTV with no product fee and an additional £500 cashback now carries a rate of 4.64%.
Its two-year fix at 75% LTV with a £999 product fee features a rate of 4.42%. Designed for residential remortgage, this option offers a choice of £350 cashback or the utilisation of Coventry for Intermediaries’ Remortgage Transfer Service.
“Providing value to customers is a top priority for us, so we’re keeping a close eye on the market to pass on rate reductions wherever we can,” Jonathan Stinton, head of intermediary relationships at Coventry Building Society, stated.
“Fixed rates remain to be popular, so we’ve reduced all of our standard two-, three-, and five-year deals to give brokers the options they need to help their clients.”
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