New rates will go live on September 1
Coventry Building Society has announced rate reductions on residential and buy-to-let fixes that will be withdrawn at 8pm tomorrow, with new rates going live at 8am on Friday, September 1.
On the lender’s residential range, including new business, porting, further advances, and product transfers, all two-year fixed new business rates will be reduced, except the 65% loan-to-value (LTV) fee-free remortgage rate and the 80% LTV fee-free purchase rate.
It is also reducing all three-year fixed new business rates, excluding the 65% LTV remortgage rate with £999 fee, the 75% LTV purchase rates, and the 80% LTV fee-free remortgage rate.
All five-year fixed new business rates and all fixed existing customer only rates, excluding the 80% LTV three-year fixed rate with £999 fee and the 75% LTV five-year fixed green further advance rate, will be slashed too.
On Coventry’s buy-to-let range, all two- and five-year fixed BTL and portfolio BTL new business rates, except the 65% LTV fee-free remortgage rate, will be reduced.
The lender is also reducing all two-year fixed BTL and portfolio BTL existing customer only rates, excluding the 50% LTV rates and the 65% LTV rate with £1999 fee. All five-year fixed BTL and portfolio BTL existing customer only rates, excluding the 50% LTV rates and the 65% LTV fee-free rate, will also be lowered.
“It’s great to see another lender on the high street joining others in lowering their interest rates,” commented Anil Mistry, director and mortgage broker at RNR Mortgage Solutions. “This boosts confidence among both borrowers and brokers, showing that lenders are open for business. With swap rates going down recently, we hope that more banks will follow Coventry Building Society’s example.”
Peter Stamford, director and lead adviser at Moor Mortgages, added that Coventry’s rate reductions were a positive sign, indicating lenders’ commitment to sustaining the property market.
“Notably, with few rate hikes and falling UK swap rates, the outlook appears cautiously optimistic,” he said. “Such steps, while not transformative alone, certainly support the present trend of favourable pricing in both residential and buy-to-let sectors.”
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