Coventry for intermediaries has announced rate reductions across its first-time buyer (FTB) only range at 90-95% loan-to-value (LTV).
In addition to this, 3-year fixed residential rates with a £999 fee for both product transfers (PT) and further advances (FA) at 85-95% LTV have been lowered.
Moreover, 5-year no-fee PT and FA fixed rates at 90-95% LTV have also been reduced.
Buy-to-let (BTL) and portfolio landlord (PL) BTL clients can also benefit from the reductions, with fixed rates at 50-65% LTV now lowered.
Key highlights of the new rates include a 5.61% 2-year FTB fixed rate available until 31st October 2025, at 95% LTV with no fee.
This offer is exclusive to FTBs and includes a £500 cashback. In addition, there is a 4.40% 5-year fixed rate available until 31st October 2028, at 65% LTV with a £1,999 product fee. This offer is available for both purchase and remortgage transactions.
Keith Williams, intermediary operations manager at Coventry for intermediaries, said: “The steady demand for first-time buyer properties is an encouraging sign as activity toward the lower end of the market should help create movement for others.
“Brokers looking to match mortgage products to meet the individual needs of borrowers need a broad range of options to choose from. We’ve reduced rates on a number of our products to make them more competitive and improve the choices available to brokers and their clients.”
