Coventry launches 3.89% two-year fix

Coventry for intermediaries has reduced selected fixed rate mortgages for both new and existing customers.

Residential rates have reduced by up to 25bps and selected buy-to-let rates have decreased by to 20bps.

As a result, the Society is now offering a two-year fixed rate residential purchase product at 3.89%, available up to 65% LTV with a £999 fee.

In the Society's buy-to-let range, a five-year fixed rate remortgage product is down to 4.45% at 75% LTV with a £1,999 fee, with the option to use Coventry's remortgage transfer service.

The latest cuts follow reductions of up to 0.24% across Coventry's residential and buy-to-let ranges last week.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Swap rates have fallen which has created room for more movement on mortgage pricing. We’ve reduced rates across our residential and buy-to-let ranges, with some of the biggest cuts going to two year fixes – reflecting growing demand for shorter-term flexibility in an uncertain market. It’s a step to support those making decisions in a shifting landscape.”