Coventry has made updates to its mortgage product range, including reductions in buy-to-let (BTL) and portfolio landlord fixed-rate products by up to 1%.
The lender has also introduced a range of competitive 80% loan-to-value (LTV) residential products and reduced all new business standard fixed rates across 65%-75% LTV.
Industry professionals have responded positively to the news. Katy Eatenton, mortgage & protection specialist at Lifetime Wealth Management, said: “This is really positive news for the mortgage market.
“Even with base rate uncertainty and the unexpected rise in inflation, lenders are still wanting to lend.”
She also highlighted that there is still room for improvement in higher LTV borrowing, especially in London and the South East.
Jamie Alexander, mortgage director at Alexander Southwell Mortgage Services, welcomed the news, adding: “With such a large drop, this will 100% make [Coventry] more competitive in the market again.
“It’s also a very positive move for the residential market as well, with Coventry specialising in the limited company director sector this will provide excellent lower-cost options for many more clients.”
Gary Boakes, director at Verve Financial, concluded: “This is great news, and we have seen some positive moves in the BTL market over the past few weeks.
“There’s still a long way to go before we see the buy-to-let market recover, though. Hopefully, the rates coming down at 80%-65% LTV will start to convince people to start putting their properties on the market as it is not likely to be a benefit to first-time buyers.”
