Coventry cuts buy-to-let rates by up to 1%

Coventry for Intermediaries has announced a series of changes to its residential and buy-to-let mortgage ranges.

The Society has reduced all buy-to-let and portfolio landlord fixed rate products by up to 100bps. Highlights include a five-year fixed rate which has reduced to 4.60% at 65% LTV with a £1,999 product fee, available for purchase or remortgage.

Coventry has also introduced a new range of 80% LTV residential products and reduced all new business standard fixed rates between 65%-75% LTV.

New residential rates include a two-year fix at 80% LTV, available at 4.63% with a £999 product fee – available for residential purchase and remortgage, with a choice of £350 cashback or RMTS for remortgage applications.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “We’re continuing to support our intermediary partners with a number of rate reductions and new products. We’ve seen demand for products at 80% LTV so we’re launching these rates to give brokers and their clients the options they need.

“All of our buy-to-let fixed rates are benefitting from a reduction, and last week we also enhanced our buy-to-let reference rates to reflect current market conditions.”

Jamie Alexander, mortgage director at Alexander Southwell Mortgage Services, commented: "This is welcomed and excellent news. Before the mini-Budget, Coventry was one of our most used lenders for buy-to-let mortgages. With such a large drop, this will 100% make them more competitive in the market again. It's also a very positive move for the residential market as well, with Coventry specialising in the limited company director sector this will provide excellent lower-cost options for many more clients."

Katy Eatenton, mortgage and protection specialist at Lifetime Wealth Management, added: "This is really positive news for the mortgage market. Even with base rate uncertainty and the unexpected rise in inflation, lenders are still wanting to lend. The buy-to-let market is looking better than it has in the past six months, although there’s still a way to go to enable the higher LTV borrowing, especially in London and the South East."