This week, the mutual lowered its stress rate in a move it said would boost borrowing by up to £35,000.
The latest rate changes apply to mortgages for new and existing borrowers.
This includes a two-year fix at 50% loan to value (LTV) with a £999 fee, which is now priced at 4%. This remortgage product is available for interest-only with the option of £350 cashback or the remortgage transfer service.
There is also a two-year fix at 65% LTV, also with a £999 fee and available for purchase. This has a rate of 3.9%.
Ben Williams, corporate account manager at Coventry Building Society, said: “We’re continuing our focus on supporting homeownership, and we’re pleased to announce rate reductions for those looking to take that first or next step.
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“As well as reducing our rates, we’ve updated our affordability stress testing – meaning some clients may be able to borrow more. These positive changes will help brokers and more of their clients achieve their aspirations.”
Furness BS cuts resi and BTL pricing
Furness Building Society has lowered selected residential and buy-to-let (BTL) mortgage rates.
This includes a two-year fixed residential product priced at 4.29%, available up to 90% LTV.
The mutual has also updated its shared ownership range, including a five-year fix at 85% loan to share, or 75% LTV, with a rate of 4.17%.
Jonathan Cartlidge, head of member and broker strategy at Furness Building Society, said: “At Furness, we know that every case is unique – and brokers value being able to speak to someone who will listen. Our new rates, including the 4.29% two-year fix at 90% LTV, offer great value without compromising on service. We’re here to help brokers find solutions, whether it’s for a straightforward case or something more complex.”
All products come with £250 cashback and are available on properties across England, Scotland and Wales.
Furness Building Society will assess each case individually, with manual underwriting and no credit scoring.
