The broker-facing arm of Coventry Building Society has launched its five-year fixed rate at 3.9%, and it has cut all other fixed rates across its residential and buy-to-let (BTL) product ranges.
Residential rates have been reduced by up to 52 basis points and BTL rates by up to 25 basis points.
What’s new?
The lender has the following new mortgage rates on offer:
- A 3.9% five-year fixed rate up to 65% of the property’s value with a £999 product fee, available for residential purchases.
- A fee-free 4.53% five-year fixed rate up to 65% of the property’s value – available for BTL remortgages, with the option of £350 cashback or the lender’s remortgage transfer service.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Seeing sub-4% rates back on the table is a great sign for the market and could lead to more activity in the latter part of the year.
“Last week’s Bank of England decision was the welcome news borrowers had been waiting for, and the sweep of rate reductions [that] has happened since should hopefully generate confidence among those looking to secure a new mortgage deal in the coming months.”
