Coventry Building Society announces rate cuts

The broker-facing arm of the mutual - Coventry for Intermediaries - has reduced all of its fixed rates.

Residential rates have reduced by up to 57 basis points and buy-to-let rates have reduced by to 39 basis points.

Two, three and five-year fixed rate products are available for residential applications, with options for those borrowing from 65 per cent to 95 per cent loan to value.

Highlights of the lender’s new range include:

A two-year fixed rate at 4.61 per cent up to 75 per cent loan-to-value, with a £999 product fee. This deal is available for residential remortgages, with an option of £350 cashback or the use of the lender’s Remortgage Transfer Service.

A five-year fixed rate at 4.84 per cent, up to 90 per cent loan-to-value with a £999 product fee – available for residential purchases.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “It’s been a positive start to the year with rate reductions across the board. It shows there are definite signs of recovery in the market, so new and existing borrowers can hopefully feel some renewed confidence for the year ahead.”