Coventry reduces residential and buy-to-let rates by up to 0.74%

Coventry for intermediaries has reduced selected two and five-year fixed rates across its residential and buy-to-let new business ranges.

Residential rates are reducing by 22-54bps and buy-to-let rates by 39-74bps.

Residential rates at 80% LTV are also being reintroduced into the product range.

In its residential range, the Society has launched a two-year fixed rate up to 75% LTV at 6.23%. The product is available for purchase or remortgage with a £999 product fee and the option of £350 cashback or remortgage transfer service.

For buy-to-let, a five-year fixed rate at 65% LTV has reduced to 6.32% with a £1,999 product fee and the option of £350 cashback or remortgage transfer service.

Ben Williams, corporate account manager at Coventry Building Society, said: “Last week’s inflation figures and the subsequent reduction in swap rates was the welcome news we were hoping for. It’s given us the opportunity to reduce rates on the majority of new business products and return value to borrowers wherever we can.”