Coventry for Intermediaries has lowered the stress rate for like-for-like remortgages down from 6.99 per cent to 5.24 per cent.
Product fees can be added to the overall value of the remortgage, but early repayment charges cannot.
The mutual said this would give switching clients who do not require further borrowing more options and wider access to its range.
It also said it would allow it to lend to more customers.
Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society, said: “It’s a challenging environment for many borrowers, and we know how important some flexibility can be.
“The change to our stress rate in like-for-like remortgages will improve access to our remortgage products while maintaining our prudent approach to lending.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
