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Coventry cuts BTL rates and Virgin adds broker BTL products

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  • 07/05/2021
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Coventry cuts BTL rates and Virgin adds broker BTL products
Coventry for Intermediaries has cut rates by 10 basis points on buy to let mortgages at or below 70 per cent loan to value (LTV).

 

There’s a two-year fixed rate at 2.15 per cent, down from 2.25 per cent, at 65 per cent LTV available for purchase, remortgage, product transfer and further advance. Early repayment charges (ERCs) start at two per cent for the first year of the fixed rate term, before dropping to one cent. 

The five-year fixed product at 65 per cent LTV is priced at 1.89 per cent, down from 1.99 per cent for purchase, remortgage, product transfer and further advance. ERCs begin at five per cent for the first two years of the fixed rate period then declines to two per cent for the subsequent two years, before falling to one per cent in the fifth year.

This product has a £1,999 fee which can be added to the mortgage loan.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “This is great for intermediaries and their landlord clients. With many large buy to let maturities due soon, this will help to support the market.

“Plus, there’s no minimum income requirement and all products include a standard valuation fee up to £700,” he added. 

 

Virgin adds BTLs for broker market

Virgin Money has launched a range of buy-to-let mortgages exclusively for the broker market from today.

The new products include a purchase product with a two-year fixed rate at 1.91 per cent at 75 per cent LTV, with £1,995 fee and £1,000 cashback. There’s a five-year version of the same, priced at 2.13 per cent.

There’s also a new portfolio purchase product, with a two-year fixed rate at 2.01 per cent at 75 per cent LTV, a fee of £1,995 and cashback of £1,000. The five-year rate is 2.23 per cent.

 

Virgin 10-year rate cuts

The lender also cut rates on its core residential mortgages for new business. The 10-year fixed rate was reduced to 1.95 per cent, down by 0.3 per cent, at 65 per cent LTV, with a £995 fee. The 10-year fixed fee-saver, at 65 per cent LTV, was cut to 2.34 per cent, lower by 0.5 per cent.

On buy-to-let and buy-to-let portfolio products for new business, rates were cut across the 10-year fixed range. They all have a fee of £995. 

At 60 per cent LTV, the buy-to-let product rate was cut to 2.43 per cent, down by 0.26 per cent. At 75 per cent LTV, is was down by 1.06 per cent to 2.68 per cent.

On portfolio products, at 60 per cent LTV, the rate was reduced by 0.26 per cent to 2.53 per cent. At 75 per cent LTV, the rate is 2.78 per cent, cut by 1.06 per cent.

For product transfers, the residential 10-year fixed fee-saver product at 65 per cent LTV, was cut by 0.15 per cent to 2.34 per cent.

The 10-year fixes for buy-to-let product transfers, both with £995 fee, were also reduced in price. The 60 per cent LTV product was cut by 0.16 per cent to 2.43 per cent, and at 75 per cent LTV, the reduction was 0.66 per cent to 2.68 per cent.

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