Residential rates have fallen by around 0.15 per cent and BTL rates have decreased by around 0.4 per cent.
Highlights include its five-year fixed BTL remortgage rate at 65 per cent loan to value (LTV), which stands at 4.26 per cent. It comes with a £1,999 fee, option of £350 cashback or the use of its remortgage transfer service.
The firm’s two-year fixed rate for first-time buyers at 90 per cent LTV with no fee has gone down to 5.14 per cent and comes with £500 cashback.
The lender lowered rates three times in January, including last week with cuts of up to 0.37 per cent on select deals.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Brokers are essential for future homeowners who are keen to step onto the property ladder, existing homeowners looking to secure their next deal, and landlords alike. Our latest reductions are designed to support brokers by providing more great-value options for their clients.”
Hanley Economic BS launches no-fee, no-ERC RIO deal
Hanley Economic BS has brought out a no-fee medium-term fixed rate retirement interest-only (RIO) mortgage with no early repayment charges (ERC).
The deal has a headline rate of 5.55 per cent up to 65 per cent LTV for purchase and remortgage.
It has a minimum loan size of £500,00 and can be offered to applicants over 55.
The product also has no overpayment restrictions, free valuation and can be used for properties in England, Wales and Scotland.
The mutual cut first-time buyer rates earlier this week by up to 0.7 per cent.
David Lownds, head of products and marketing at Hanley Economic BS, said: “As a society, we remain committed to servicing the needs of borrowers from the beginning of their homeownership journey right through to the end of their lending cycle.
“Over the years, market dynamics and borrowing demographics have changed significantly to emphasise the growing importance attached to the later life lending sector and this dependence is only likely to grow in 2024.
“RIO mortgages provide an important option for older generations who are looking to utilise significant amounts of equity for a variety of purposes, and we hope that our no-fee, no-ERC fixed rate product will prove to be an appropriate choice for those looking to fulfil a better retirement or to help loved ones onto and up the property ladder.”
