Coventry for Intermediaries has cut rates across its fixed rate mortgage range.
The cuts apply across all standard residential two-, three- and five-year fixed rates between 65 per cent and 85 per cent loan to value (LTV).
It is also reducing rates on five-year fixed rates for buy-to-let borrowers.
As a result, the new range now includes a residential five-year fixed rate at 4.99 per cent, available up to 65 per cent LTV, with a £999 fee. There is also a five-year fixed rate at the same LTV band for landlords, with an interest rate of 5.40 per cent and a £1,999 product fee.
Jonathan Stinton, head of intermediary relationships at Coventry, said: “We continue to support the market with rate reductions. The majority of our fixed rates are reducing by 15bps, giving more attractive options to brokers and their clients.”
Landbay trims five-year rates
Elsewhere, Landbay has confirmed it is cutting the rates on its five-year fixed rate mortgages by up to 0.30 per cent.
As a result, standard five-year products from the buy-to-let lender up to 75 per cent LTV start at 5.99 with a four per cent fee. Borrowers can reduce the fee to three per cent with a 6.19 per cent rate, or two per cent with a 6.39 per cent rate.
On standard deals up to 65 per cent LTV, the two per cent fee product has a rate of 6.39 per cent. This drops to 6.09 per cent for the three per cent fee or 5.89 per cent for the four per cent fee.
Landbay’s green standard products ‒ available for properties with an energy performance certificate rating of at least a C ‒ have been cut by 0.2 per cent, as have the products available for landlords with houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
Rates in Landbay’s one and two-year fixed and tracker products are unchanged.
Paul Brett, managing director of intermediaries at Landbay, noted that this was the second time the lender had cut rates in two weeks, which he put down to the fact that the money markets “start to stabilise”.
He continued: “Our variable fee structure gives borrowers options which help them to meet rental requirements within the interest cover ratios, which have to be applied to buy-to-let mortgages.
“A higher upfront fee and a lower interest rate result in a lower rental stress rate, which is beneficial for borrowers. But whichever fee and rate option is taken, the total overall cost will be similar over the initial offer period.”
