Coventry for Intermediaries has launched two-year fixed-rate loans for existing buy-to-let customers.
The mutual’s broker-only arm says that rates are available between 50% and 75% loan to value for BTL and portfolio landlords.
It adds these offers are only available for product transfer and further advance deals.
Highlights include:
* A 5.29% two-year fixed-rate loan to 30 June 2025, at 50% LTV, with a £1,999 product fee
* And a 5.39% two-year fixed-rate offer to 30 June 2025, at 65% LTV, with a £1,999 product fee
The move comes in the aftermath of former Chancellor Kwasi Kwarteng’s September mini-Budget, which accelerated already rising mortgage rates. Action taken by current Chancellor Jeremy Hunt in October and in the November Autumn Statement calmed markets, although home loans remain elevated.
Coventry Building Society head of intermediary relationships Jonathan Stinton says: “2023 will be a big year for many landlords as their BTL deals come to an end.
“This presents brokers with an excellent opportunity to re-engage and advise them on the best options. We’re adding two-year deals to our range to support brokers and their clients with the products they need.”
Cashback remortgage options will be available for residential cases at 65% and 75% LTV and BTL and portfolio landlord cases at 50% LTV.
These products all offer £350 cashback.
