Mortgage News
Coventry BS adds flexible BTL mortgage and cuts fixed rates
Coventry Building Society has launched a flexible buy-to-let (BTL) product and is also cutting rates on some of its residential and BTL deals.
The mutual’s Flexx for Term loans are available to all landlords – whether portfolio or non-portfolio, though will be subject to the relevant underwriting criteria.
The products are available between 50% and 75% loan-to-value (LTV) and offer the ability to make unlimited overpayments and further borrowing at the same rate (subject to lending criteria).
Examples of the loans available include:
- 1.85% at 50% LTV, no early repayment charges and a £1,999 product fee
- 2.25% at 50% LTV, no early repayment charges and a £999 product fee
Rates on the new product will not be subject to the 0.25% increase on 1 December.
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Rate cuts
Director of intermediaries Kevin Purvey (pictured) explained the details of the fixed-term product rates being cut.
“We’re also reducing rates for buy to let two- and five-year fixed products from 70% to 75% LTV and on selected residential products, so there are options for a wide range of clients,” he said.
“Plus, all of our products include a standard valuation of up to £670 for residential and £700 for buy to let,” he added.