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Coventry brings lending up to 85 per cent and cuts rates

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  • 15/05/2020
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Coventry brings lending up to 85 per cent and cuts rates
Coventry for intermediaries has reintroduced 85 per cent loan to value (LTV) products for purchases and remortgages to its owner occupied range and reduced rates on all products with an LTV of 75 per cent or under.

 

In April, the society curbed its lending to 75 per cent LTV in response to the coronavirus pandemic.  

Rate changes include a residential two-year fixed at 75 per cent LTV with a £999 fee having its rate reduced from 1.5 per cent to 1.3 per cent. The fee-free equivalent has seen its rate dropped 1.9 per cent to 1.74 per cent. 

The residential five-year fixed in the same tier with a £999 fee has had its rate cut from 1.8 per cent to 1.59 per cent, and the fee-free equivalent has a rate of 1.8 per cent down from two per cent. 

The 80 and 85 per cent LTV two- and five-year products have rates ranging from 1.49 per cent to 2.35 per cent and fee-free options are available. 

All buy to let products have seen rates reduced and products with LTVs of 75 per cent are now available for both purchases and remortgage. 

The society has also made changes to its criteria and will make use of digital valuations on residential and buy to let products while instructing physical valuations where possible. 

Capital raising on owner occupied mortgages for PAYE clients and buy to let mortgages is also available up to 75 per cent LTV 

Kevin Purvey (pictured), director of mortgage distribution at Coventry Building Society, said: “Our service levels remain as strong as ever and we’re well placed to deal with high demand.  

Our call centre has dealt with enquiries as normal throughout the Covid-19 crisis and our business development managers continue to carry out their regular appointments with brokers and advisers over the phone and on Zoom. Now is the time for brokers to get in touch with their business development manager and find out how we can help them and their clients.” 

 

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