Coventry has lowered its rates on a number of residential products. These include its three-year fixed rate with 75% loan to value (LTV) which is down from 4.60% to 5.03% – a reduction of 43bps. The product comes with a £999 fee (with cashback option available for remortgage).
It has also lowered the rate on several offset mortgages.
Its five-year offset fixed with 75% LTV has been reduced by 70bps from 5.6% to 4.90%. This also comes comes with a £999 fee (with cashback option available for remortgage). Meanwhile Coventry’s offset interest only fixed rate with 50% LTV has fallen by 90bps from 6.25% to 5.35%. Again, there is a £999 fee (with cashback option available for remortgage) on the product.
Trackers are back
Coventry added that it would bring its tracker deals back to the market, having removed them temporarily at the end of last year ahead of the anticipated base rate change.
Deals include its two-year fixed residential bank base rate tracker at 65 per cent LTV, which has a rate of base rate plus 0.28 per cent. It comes with a £999 product fee and no early repayment charges.
The lender has also introduced cashback remortgage option for residential cases at 65 and 75 per cent LTV.
For buy-to-let and portfolio landlord cases the LTV is 50 per cent.
The products all come with £350 cashback and the deals offer a remortgage transfer service, which means that the mutual appoints a conveyancer to act on its behalf and manages the legal aspect of mortgage transfer at no extra cost.
This includes a five-year residential fixed rate at 65 per cent LTV and £999 product fee priced at 4.35 per cent, along with a five-year buy-to-let fixed rate at 50 per cent LTV with a rate of 5.3 per cent.
Coventry: ‘Remortgages a major focus’
Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society, said: “Remortgages are going to be an area of major focus for brokers in 2023, so we continue to support our intermediary partners with the introduction of cashback remortgage products. Products which offer our remortgage transfer service are also still available, giving brokers and their clients freedom to either appoint their own solicitor or use our conveyancing service.
“We’re also supporting the market with reductions of up to 90bps for all residential products, and reintroducing trackers to the range as there’s still a strong demand for flexibility.”
