More lenders are dropping rates as swaps fall
Coventry for intermediaries and MPowered Mortgages have announced reductions to selected fixed rate mortgage products, offering more affordable options for residential and buy-to-let borrowers.
Coventry for intermediaries has reduced fixed rates by up to nine basis points (bps). Notable changes include a 4.38% two-year fixed rate at 75% loan-to-value (LTV) with a £999 product fee for residential purchases. A 4.51% five-year fixed rate at 65% LTV is also available for buy-to-let remortgages, with the option of £350 cashback or a remortgage transfer service.
“We’ve seen some positive moves in the market, allowing us to pass on reductions to many of our fixed rate products,” said Jonathan Stinton (pictured left), head of intermediary relationships at Coventry Building Society. “We’re pleased to further support mortgage brokers and their clients by offering more competitive rates, creating greater choice for people selecting their next mortgage deal.”
MPowered Mortgages has also lowered rates on its two- and three-year fixed products for purchase customers. Two-year fixed rates at 60% LTV now start at 4.29% with a £999 fee and 4.53% with no fee. Three-year fixed rates at 60% LTV have been reduced to 4.12% with a £999 fee and 4.28% with no fee.
“Since the news on inflation last week, we’ve seen swap rates return to a lower level to what we saw before, giving a more positive outlook for borrowers,” said Stuart Cheetham (pictured right), chief executive of MPowered Mortgages.
“The good news is that falling swap rates mean lenders can reduce mortgage rates, as we are doing today, which will be welcome news for borrowers especially given the upcoming stamp duty changes. That said, borrowers should always seek independent financial advice as the lowest rate is not always the best deal for them based on their individual circumstances.”
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