It launches new fixes and trackers, and lowers rates on other products
Coventry for intermediaries has expanded its range with a number of new products, including three-year fixed rates and trackers.
The lender has also reduced rates on a number of other products, including five-year fixed rates at 85% to 95% LTV.
Three-year fixed rates to April 30, 2026, with no product fee have rates of 5.89% for the 75% LTV and 5.99% for the 85% LTV.
The two-year Flexx Tracker (BBR + 0.95%) to April 30, 2025, has a 3.20% rate at 65% LTV, while the two-year Flexx Tracker (BBR + 1.05%) to April 30, 2025, comes with a rate of 3.30% at 75% LTV. Both have a £999 product fee and with no early repayment charges (ERCs).
Read more: Coventry for intermediaries expands new business range.
“Three-year fixes are an under-served part of the market,” Jonathan Stinton (pictured), head of intermediary relationships at Coventry for intermediaries, noted. “Mortgage brokers and borrowers have been telling us it’s what they want, so we’ve added this to our range to improve the choices available.
“Many borrowers like the certainty of fixed mortgage rates but the typical two- or five-year terms might not appeal to everyone. Some borrowers may be worried about whether two years will be long enough to outlast market volatility, while others may think five years is not right either. In today’s environment a three-year fixed rate could hit the sweet spot in between.”
However, Stinton said fixed rates do not always suit every borrower, and that many people may be considering variable rates, possibly for the first time in a while.
“We’ve launched trackers with no ERCs so they have options if the bank base rate rises too quickly for their liking,” he added. “There’s no one-size-fits-all approach, and so we’re trying to create a broad range of choice that helps meet a variety of mortgage needs.
“As part of this, we’ve also reduced rates at 85% to 95% LTV which will increase the options available for first time buyers in particular.”
