This includes a two-year fix for residential borrowers at 65% loan to value (LTV), priced at 3.88%. This has a £999 fee and is available for product transfer and further advance.
There is also a five-year fixed limited company BTL remortgage at 75% LTV with no fee and a rate of 5.24%.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “It’s good to see rates continuing to slip further below 4%, creating more opportunities right across the board. We’ve made reductions across our residential, BTL and limited company BTL ranges, giving brokers more options to work with.
“Our product transfers rates are aligned with our cheapest new business rates too, so brokers can offer existing clients the same great value as anyone coming to us for the first time. With many clients approaching the end of their current deals, there’s scope to engage with them early and help line up a deal [that] supports their next steps.”
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Market Harborough BS updates criteria
Market Harborough Building Society has improved its residential product criteria to make more circumstances eligible for its offering.
This follows feedback from brokers through the mutual’s first lending advisory panel.
Market Harborough Building Society has increased income multiples to up to six times income for tier two products and will lend over six times income across tier three products, both subject to affordability.
It will also accept affordability supported by savings within its tier two products, as well as complex income criteria that include vested share income.
Iain Smith, head of mortgage distribution at Market Harborough Building Society, said: “These changes are a direct result of broker feedback, and we’re proud to be acting on it quickly. Expanding our tier two criteria means more clients can benefit from better rates, including expats and those with complex income.
“This reflects our ongoing commitment to being best for brokers. We’re focused on doing the right thing for them and their clients, and that means regularly listening to feedback and acting on it.”
This comes after the mutual relaxed its stress testing across residential mortgages across cases up to £5m.
