Coventry Building Society will be cutting the rates on its residential and buy-to-let mortgage products as of Friday (12th October).
For new residential borrowers, the building society plans to reduce all 2-year and 3-year fixed rates, except for remortgage rates between 80%-85% loan-to-value (LTV).
It will also lower all 5-year fixed rates, except those at 90% LTV, and will discontinue all tracker rates.
Existing residential borrowers will see similar changes. The 2-year and 3-year fixed rates will be reduced, as will 5-year fixed rates except those at 95% LTV. Tracker rates for these existing customers will also be closed.
Changes are also coming to the buy-to-let and portfolio buy-to-let sectors. New borrowers in these categories will experience reductions in all 2-year and 5-year fixed rates, except those at 75% LTV. Tracker rates, however, will be increased. Existing borrowers will see similar adjustments.
Nichols Mendes, mortgage technical manager at John Charcol, said: “Following Nationwide BS repricing yesterday, Coventry BS is hot on the heels in making further fixed rate reductions across 2, 3 and 5 years.
“Focus will revert to HSBC, Halifax, NatWest and Virgin to see how quickly they react to this week’s product changes.”
