It also reduces selected residential and buy-to-let rates
Coventry for intermediaries has expanded its 95% loan-to-value (LTV) product range to include two- and three-year fixed rate options.
The new products will sit along the lender’s five-year fixed rates already available in the high LTV bracket.
The mutual said a number of these products are specifically aimed at supporting first-time buyers and come with £500 cashback.
Coventry has also announced that it has reduced selected residential rates by up to 36 basis points (bps), with fixed rate options available for two, three, and five years.
Selected buy-to-let products have also been reduced by up to 10bps.
The rate reductions include a 4.86% five-year fixed rate at 65% LTV with a £999 product fee and a fee-free 5.58% two-year fixed rate at 65% LTV. Both deals are available for residential remortgage, with an option of a £350 cashback or Coventry’s remortgage transfer service.
Another product that had its rate reduced is the fee-free two-year fixed rate at 95% LTV, available for first-time buyers, with a £500 cashback. It is now priced at 6.39%.
“It’s encouraging to see that rates are continuing on a downward trajectory, allowing us to pass on value to borrowers wherever we can,” remarked Jonathan Stinton, head of intermediary relationships at Coventry Building Society.
“We’ve also enhanced our higher loan-to-value product range with a particular focus on supporting first-time buyers. The security of fixed rates makes them a popular option for many new borrowers, and having rates available for two, three, and five years means people looking to get on the ladder will have more choices available to them.”
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