Coventry Building Society will further reduce mortgage rates across both its residential and buy-to-let (BTL) ranges as of Friday 27th October.
For new residential borrowers, the society has reduced all fixed remortgage rates at 65% to 80% loan-to-value (LTV), along with all fixed purchase fee rates at 65% to 75% LTV, its 2-year fixed purchase no fee rates at 90% LTV, 3-year fixed purchase no fee rates at 75% to 80% and 90% LTV.
In addition, its 5-year fixed purchase no fee rates at 95% LTV, fixed first-time buyer only rates and all of its offset, interest-only and offset interest-only rates will also benefit from these reductions.
For existing borrowers, reductions have been made across Coventry’s fixed fee rates at 65%-75% LTV, 2-year fixed no fee rates at 90% LTV, 3-year fixed no fee rates at 75%-80% and 90% LTV, 5-year fixed no fee rates at 65% to 75% LTV.
As for the society’s buy-to-let and portfolio buy-to-let ranges, both new and existing borrowers will see further reductions across all fixed rate products.
In order to secure an existing product, brokers must submit applications in full before 8pm on the closure date, Thursday 26th October.
Any new products will be launched from 8am the date following closure.
Reaction:
Nicholas Mendes, mortgage technical manager at John Charcol:
“Coventry Building Society have reacted to the recent competitor repricing with further reductions across their product range.
“It is particularly encouraging to see 3-year fixed rate reduction and higher LTV products for new and existing customers.”
Justin Moy, managing director at EHF Mortgages:
“Further cuts in fixed rates show exactly how competitive the mortgage market has become, with lenders reducing margins to increase their share of a small market.
“Coventry Building Society continue to be both proactive and competitive with their mortgage range, with a reprice across their whole range including offset deals. Long may it continue.”
Emma Jones, managing director at Whenthebanksaysno.co.uk:
“This is welcome news ahead of some of the Christmas maturities we will likely see due to the rush for Christmas completions back in 2021 for those who took two-year fixed rates.
“It’s a good time to check in with your adviser if you have an application in progress with Coventry Building Society to see if any of these new rates are available to you.”
Steven Hargreaves, mortgage and protection adviser at The Mortgage Co:
“More good news on the mortgage front. Coventry are doing their best to grab their share of the mortgage market in quarter four.
“Let’s hope these cuts start to stimulate the housing market. The current round of interest rate reductions mean rates are similar to the rates available at the end of June, before they increased sharply.”
Peter Stamford, director and mortgage expert at Moor Mortgages:
“Just in time for the festive season, Coventry Building Society is rolling back rates to where they were last summer.
“If you’re one of the many who rushed to seal a 2-year deal before Christmas 2021, now’s the time to ring your adviser.
“Coventry’s making a serious play for market share, and you could benefit.”
