Coventry cuts residential mortgage rates after enhancing affordability

Coventry for intermediaries has reduced selected residential mortgage rates by up to 16bps for both new and existing customers.

This comes after the lender reduced its stress tests, giving typical borrowers the chance to borrow up to £35,000 more. 

Coventry is now offering a 3.90% two-year fixed rate at 65% LTV with a £999 fee.

For interest-only remortgage, a 50% LTV two-year fix has reduced to 4.00% with a £999 fee with the option of £350 cashback or use of the Society's remortgage transfer service.

Ben Williams, corporate account manager at Coventry Building Society, said: “We’re continuing our focus on supporting home ownership, and we’re pleased to announce rate reductions for those looking to take that first or next step. 

“As well as reducing our rates, we’ve updated our affordability stress testing – meaning some clients may be able to borrow more. These positive changes will help brokers and more of their clients achieve their aspirations.”