Coventry for Intermediaries has informed brokers this morning that it will be introducing further rate reductions across its residential and buy-to-let (BTL) offering.
In its residential new business range, the lender will be withdrawing its 3-year fixed new business rates at 90 to 95% loan-to-value (LTV), and will be reducing all of its fixed new business rates at 65 to 80% LTV (excluding its Offset products).
As for its buy-to-let new business offering, Coventry will also be reducing its 5-year fixed 65% LTV BTL/Portfolio Landlord BTL rates.
These changes will come into effect from Thursday the 17 August at 8am.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “It’s not just the weather which has brightened up a broker’s morning.
“Coventry are the latest lender to provide notice this morning of a fixed rate reduction.”
He added: “Since last week we are seeing more lender providing forward notice of rate reductions, high street lenders have started and building societies are now actively repricing which is good news for mortgage holders.
“Given the current trend in lender activity, it will be interest to see whether those that made price reductions last week start to make further reduction to be ahead of the pack.”
