Coventry Building Society has announced a series of cuts across its owner-occupier and buy-to-let range of mortgage products,
Within the lender’s five-year fixed range, the 50 per cent LTV owner-occupier product has been cut from 1.94 per cent to 1.89 per cent and the 90 per cent LTV version, which comes with £500 cashback, from 2.45 per cent to 2.39 per cent.
The 75 per cent LTV product has been cut from 2.15 per cent to 2.05 per cent (with £999 fee) and without the fee, the 75 per cent LTV has been cut from 2.35 per cent to 2.25 per cent.
Meanwhile, the ten-year 50 per cent LTV has had its rate cut from 2.39 per cent to 2.35 per cent. All products detailed above command a £999 product fee.
The building society adds that 0.10 per cent cuts across its BTL products can be found within its five-year range of products. Highlights include the 50 per cent LTV product, which has been cut from 2.55 per cent to 2.45 per cent, and the 65 per cent LTV BTL mortgage, which has been cut from 2.65 per cent to 2.55 per cent. Both have a £999 product fee.
The announcement comes just a month after the building society announced a series of rises in response to the Bank of England’s upping the base rate.
Coventry director of intermediaries Keven Purvey says: “Our five- and 10-year fixed owner-occupier and five-year fixed BTL mortgage ranges are now even more competitive, with some products offering market-leading rates. These products are a great option for borrowers looking for the stability and certainty of fixed mortgage payments, with a variety of LTVs and fee options for a range of brokers’ clients”.