Two-, three-, and five-year fixed rate options all benefit from the latest rate reduction
Coventry for intermediaries has announced rate cuts on selected fixed rate deals for new applications, with some residential rates reducing by up to 27 basis points.
The intermediary-only lender said its two-, three-, and five-year fixed rate options at 65% to 80% loan to value (LTV) all benefitted from its latest rate reduction.
These include the 80% LTV five-year fixed deal with a £999 product fee, which is available for residential purchase, including first-time buyers, at a reduced rate of 5.45%. There is also a 65% LTV five-year fix with a £999 product fee, available for residential remortgage, with an option of £350 cashback or remortgage transfer service for a slashed rate of 5.34%.
The lender’s selected buy-to-let rates at 65% LTV were also reduced.
Earlier this month, Coventry also reduced rates on all residential fixes by up to 63bps and selected buy-to-let rates by up to 55bps.
“There’s £127 billion worth of mortgages set to mature before the end of the year – that means a lot of people will be on the lookout for a new deal over the coming months,” said Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society. “We want to support our intermediary partners with competitive rates and standout service to make the process of sourcing and securing a new deal as straightforward as possible.”
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