Coventry for intermediaries has cut its 2- and 5-year fixed rates for new residential and buy-to-let applications. Residential rates are dropping by 22-54 basis points, while buy-to-let rates are seeing cuts of 39-74 basis points.
Additionally, the Coventry is reintroducing residential rates at 80% loan-to-value (LTV) to its product range. This includes a 2-year fixed rate at 6.23%, valid until the end of 2025, at 75% LTV and a £999 product fee. This is available for both residential purchases and remortgages, with options for £350 cashback or a remortgage transfer service.
For the buy-to-let market, Coventry is offering a 5-year fixed rate at 6.32%, available until the end of 2028, with 65% LTV and a £1999 product fee.
“Last week’s inflation figures and the reduction in swap rates allowed us to reduce rates on most new business products,” said Ben Williams, corporate account manager at Coventry Building Society. “We aim to return value to borrowers wherever possible.”
