Coventry BS launches 3.80% mortgage in latest round of cuts

Coventry Building Society has announced cuts to its mortgage rates, with new deals launching next Tuesday, 12th August.

Residential rates will reduce by up to 0.14%, with two, three and five-year fixed rates available.

The lowest rate on offer is now a 3.80% two-year fixed rate, available for residential purchase up to 65% LTV with a £999 fee.

Another highlight is a 90% LTV two-year fix, down to 4.76% with no fee and £500 cashback, available for first-time buyers.

The lender has reduced mortgage rates following yesterday’s Bank of England decision to reduce base rate from 4.25% to 4% - taking borrowing to the lowest level it’s been in two years.

Jonathan Stinton, head of mortgage relations at Coventry Building Society, said: “Rates coming down is great news for borrowers, because it means cheaper options are available. Whether people are looking to buy their first home or lock in a new deal, a lower rate can make a real difference to the monthly repayments. This can really help people feel confident about their next move.”