Coventry cuts first-time buyer and buy-to-let rates

Coventry for intermediaries has reduced its entire first-time buyer range at 90-95% LTV.

Additionally, three-year fixed rate residential products at 85-95% LTV with a £999 fee have been lowered alongside five-year fee-free rates at 90-95% LTV.

For buy-to-let and portfolio landlord clients, fixed rates at 50-65% LTV have all been reduced.

In the new range, a first-time buyer two-year fixed rate at 95% LTV is now available at 5.61% with no fee and £500 cashback.

A buy-to-let five-year fixed rate at 65% LTV now starts at 4.40% with a £1,999 product fee and is available for purchase and remortgage.

Keith Williams, operations manager at Coventry for intermediaries, said: “The steady demand for first-time buyer properties is an encouraging sign as activity toward the lower end of the market should help create movement for others.

“Brokers looking to match mortgage products to meet the individual needs of borrowers need a broad range of options to choose from. We’ve reduced rates on a number of our products to make them more competitive and improve the choices available to brokers and their clients.”