It reduces rates on all five-year fixes and launches two- and three-year fixes
Coventry for Intermediaries has enhanced its 90 to 95% loan-to-value (LTV) range by reducing all five-year fixed rates and launching two- and three-year fixed rates across the same LTV range.
A number of products, the lender said, were specifically aimed at supporting first-time buyers and come with a £500 cashback.
Available for first-time buyers is a 5.50% two-year fix at 90% LTV with no product fee and a £500 cashback. A 4.81% five-year fix at 90% LTV and £999 product fee is available for purchase – including to first-time buyers – and remortgage.
Coventry added that tracker products across all LTVs were also repriced relative to the market.
“We’ve enhanced our higher loan-to-value products with a particular focus on supporting first-time buyers,” Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society, said. “We’ve provided more competitive rates and increased options to help people find the best solution to getting a foot on the ladder.
“We want to give brokers a range of products to discuss with all their clients, so we’ve similarly reduced rates and added more options across the entire 90 to 95% range.”
Get to know about Coventry Building Society Mortgage Rates for First Time Buyers here.
Coventry publishes call wait times for 2022
Coventry has also shared its average hold times for last year, revealing that brokers got through to a member of its support team in less than two and a half minutes on average.
The lender’s intermediary support team answered new business calls in 55 seconds, case update calls in 137 seconds, and webchats in 77 seconds.
Coventry said its intermediary support team had been increased by around 10% to make sure service was not impacted by the many challenges of last year, such as the eight base rate increases, four fiscal events, the highest level of inflation in 41 years, and a record low for product availability in September.
“Brokers have never been busier, so sometimes they just need to pick up the phone and get straight through to someone who knows the policy, understands the systems, and can give them the expert help they need,” Keith Williams, operational manager at Coventry Building Society, said. “We’re committed to giving that support and proud that brokers can typically get through to us before they’ve even finished boiling the kettle.”
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