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Coventry cuts buy-to-let rates

Coventry Building Society has announced rate cuts across its buy-to-let products, enabling brokers to offer buy-to-let landlords home loans at ‘highly competitive rates’.

New deals include five-year fixed rates ranging from 2.99% to 3.99%.

The new five-year fixed rate starting at 2.99%, has been reduced from 3.29%, at 75% loan-to-value (LTV) with a £1,999 arrangement fee.

There is also is a new 3.39% five-year fixed rate deal, down from 3.69%, at 75% LTV with a £999 arrangement fee, along with a 3.69% five-year fixed rate mortgage – reduced from 3.99% – at 75% LTV with no arrangement fee.

Kevin Purvey, director of intermediaries at Coventry, which last week increased the age in which it will lend to buy-to-let investors to a maximum of 85 years, up from 75 years of age, said: “With continuing uncertainty in the market, our rate reductions mean that brokers can offer their clients the stability of a fixed monthly repayment at a highly competitive rate.

“In addition, all of our products are still booking fee free and include a valuation of up to £700 for buy-to-let mortgages.”

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