Fixed five-year rate reductions announced by Coventry

Coventry for Intermediaries is reducing the rates across all its fixed five-year mortgages that come with loan-to-value (LTV) of between 90% and 95%, it has been confirmed.

These reductions in the rates for the fixed five-year loans come in addition to a number of new fixed three and two-year loans with LTV in the same range that the lender has added to its slate. It is stating that many of these loans are targeted at people that are looking to buy their first home and that they have £500 cash back included.

Among the most intriguing new deals that are available from Coventry are a fixed five-year loan that comes with a starting rate of 4.81%, LTV of 90%, £999 product fee, available for both remortgages and purchases. There is also a fixed two-year loan with 5.50% starting rate, LTV of 90%, cash back of £500 and no product fee, with this loan being available solely for first-time homebuyers.

Speaking to Mortgage Strategy, Jonathan Stinton from Coventry Building Society stated that the company had made this move to try to improve the situation for those buyers.

He then went on to add that:

“We want to give brokers a range of products to discuss with all their clients, so we’ve similarly reduced rates and added more options across the entire 90% to 95% range.”

More products on the market are as big a help to mortgage advisors with CeMAP training as reductions in rates, when it comes to finding the right deals for clients.


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