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Coventry cuts fixes by 10 bps and Clydesdale adds broker exclusive

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  • 08/07/2021
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Coventry cuts fixes by 10 bps and Clydesdale adds broker exclusive
Coventry for Intermediaries has cut rates by 10 basis points on residential mortgages at 85 per cent to 95 per cent loan to value (LTV).

 

The lender also launched a 95 per cent LTV two-year fixed rate mortgage at 3.65 per cent for purchase and product transfer.

The rate cuts included the two-year fixed rate purchase product at 85 per cent LTV, with a rate of 2.05 per cent, down from 2.15 per cent. The product is fixed and with early repayment charges (ERCs) to 30 September 2023, and has a £999 product fee.

The five-year fixed at 90 per cent LTV was reduced to 3.15 per cent, from 3.25 per cent, for purchase, remortgage, further advance and product transfer. It’s fixed to 30 September 2026, with ERCs to that date, and a £999 fee.

The newly launched two-year fixed at 95 per cent LTV has an end date of 30 September 2023, with ERCs and no fee.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society (pictured), said: “Our high LTV residential mortgages are now even more competitive, which is great news for brokers and their clients with smaller deposits. Whether brokers are looking to help their clients take that all-important first step onto the property ladder, or to support those looking to remortgage to a lower rate, there’s a competitive option for a wide range of clients in our owner-occupier range.

“And we now have a two-year fixed, no fee option at 95 per cent LTV, which is great news for brokers with clients looking to keep their upfront costs low.”

 

Clydesdale Bank rate cuts

Clydesdale added a new broker exclusive five-year fixed product at 90 per cent LTV, with a rate of 3.19 per cent and fee £1,999.

The lender also cut rates across its two and five-year fixed residential mortgages at 80 per cent and 85 per cent LTV.

The two-year fixed at 80 per cent LTV, with no fee, was cut to 2.23 per cent, down from 2.28 per cent. At 85 per cent LTV, the two-year fixed rate, with £999 fee, came down to 2.18 per cent from 2.41 per cent.

The five-year fixed at 80 per cent LTV, with £999 fee, was cut to 2.05 per cent, from 2.11 per cent. At 85 per cent LTV, the five-year fixed, with £999 fee, was reduced to 2.54 per cent, down from 2.64 per cent.

Additionally, rates were cut on the two and five-year fixed products for London and the South East, at 90 per cent LTV, with £999 fee. The two-year rate came down to 3.42 per cent, from 3.52 per cent. The five-year rate was cut to 3.66 per cent, from 3.76 per cent.

The two and five-year fixed rate products for professionals were reduced by up to 0.15 per cent.

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