High LTV residential rates have also been reduced
Coventry for intermediaries has reduced rates on its entire first-time buyer only range at 90% to 95% loan-to-value (LTV).
The lender’s three-year fixed residential rates at 85% to 95% LTV with a £999 fee have also been cut, as well as its fee-free five-year fixes at 90% to 95% LTV.
Buy-to-let and portfolio landlord clients can also avail of reduced fixed rates at 50% to 65% LTV.
The fee-free two-year residential fix at 95% LTV are available for first-time buyers only at a rate of 5.61% with a £500 cashback, while the five-year buy-to-let fix at 65% LTV with a £1,999 product fee is available for purchase and remortgage at 4.40%.
The intermediary-only lender also recently reduced rates on selected two- and three-year fixed residential mortgages by up to 30 basis points.
“The steady demand for first-time buyer properties is an encouraging sign as activity toward the lower end of the market should help create movement for others,” Keith Williams (pictured), intermediary operations manager at Coventry for intermediaries, said.
“Brokers looking to match mortgage products to meet the individual needs of borrowers need a broad range of options to choose from. We’ve reduced rates on a number of our products to make them more competitive and improve the choices available to brokers and their clients.”
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