All buy-to-let (BTL) rates have been reduced by Coventry for intermediaries as part of a series of rate cuts and product launches announced today.
Some BTL products are going down by up to 100 basis points, while selected residential products are being cut by up to 20 basis points.
The society has also reduced new business residential rates across 65%-75% loans-to-value and launched 80% LTV residential products.
Highlights of the changes include a two-year fixed-rate of 4.63% for 80% LTV for residential purchase and remortgage, with a choice of £350 cashback or remortgage transfer.
The five-year fixed-rate is 4.6% at 65% LTV with a £1,999 product fee, available for BTL or remortgage.
Coventry Building Society head of intermediary relationships Jonathan Stinton comments: “We’re continuing to support our intermediary partners with a number of rate reductions and new products. We’ve seen demand for products at 80% LTV so we’re launching these rates to give brokers and their clients the options they need.
“All of our BTL fixed rates are benefitting from a reduction, and last week we also enhanced our BTL reference rates to reflect current market conditions.”
Responding to the reduced rates for BTL, Verve Financial director Gary Boakes says: “This is great news, and we have seen some positive moves in the BTL market over the past few weeks. There’s still a long way to go before we see the BTL market recover though.”
Lifetime Wealth Management mortgage and protection specialist Katy Eatenton adds: “This is really positive news for the mortgage market. Even with base rate uncertainty and the unexpected rise in inflation, lenders are still wanting to lend. The buy-to-let market is looking better than it has in the past six months, although there’s still a way to go to enable higher LTV borrowing, especially in London and the South East.”
