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Coventry reduces fixed rates on standard buy-to-let products

Coventry for intermediaries has cut rates on its three- and five-year fixed rates and standard buy-to-let products by up to 0.2%.

The move follows on from the lender’s decision last month to enhance the number of buy-to-let mortgages permitted with the group from three to five.

The Coventry also doubled the maximum aggregate loan limit allowed on all rental properties from £1m to £2m, increased the maximum loan amount at 50% to 75% loan-to-value (LTV) from £500,000 to £750,000, while also improving the income threshold for 125% interest cover ratio from less than £42,500 to less than £49,000.

In addition, the society introduced a mortgage range aimed specifically at BTL landlords with four or more mortgaged buy-to-let properties in total, either together or separately.

“It’s good news for landlords,” said Kevin Purvey, director of intermediaries at Coventry Building Society. “We’ve reduced fixed rates on standard buy-to-let products.”

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