Reduced pricing available for residential and BTL customers
Coventry for Intermediaries and The Mortgage Lender (TML) have announced rate cuts across their mortgage product ranges in a move likely to benefit both brokers and borrowers.
Coventry has reduced selected residential and buy-to-let rates by up to 10 basis points (bps). The changes include lower options for both new and existing customers.
Highlights from Coventry include a 3.95% two-year fixed rate at 65% LTV with a £999 fee, available for residential product transfers. For residential remortgages, the lender is offering a 4.06% two-year fixed rate to the same date at 65% LTV, also with a £999 fee. This comes with the option of £350 cashback or access to its Remortgage Transfer Service.
“The market’s showing some gentle signs of improvement, and that’s creating space for brokers to have valuable conversations with their clients,” said Paul Purewal (pictured left), corporate relationship manager at Coventry Building Society. “We’ve lowered rates across our residential and buy-to-let ranges to help support those moments and make sure brokers have strong options to offer.”
Meanwhile, TML has implemented rate reductions across most of its residential products, including its Real Life (RL), Large Loan, and Shared Ownership ranges. The changes apply to both two- and five-year fixed rate products.
The lender’s two-year 75% LTV RL0 product now starts at 5.39%, down 15bps, while its two-year 85% LTV RL1 product has been reduced by 25bps to 5.89%. Its five-year 70% LTV RL2 product has been cut by 20bps to 5.59%.
Rates for two-year Large Loan products have also been lowered by 15bps, starting from 5.54% at 75% LTV. Five-year Large Loan products now start at 5.29% following a 10bps cut. TML’s Shared Ownership products saw rates fall by 15bps, with pricing starting at 6.29% for its five-year 75% LTV (95% loan to share) core product.
This follows recent changes to selected BTL products, where pricing now starts from 3.49%. TML also introduced two limited edition two-year fixed rate BTL deals for landlords. The fee-saver option has no upfront fees and offers £250 cashback, while the fixed fee option includes a £3,495 product fee and is available for loans up to £500,000.
“Our mission at TML is to support our brokers’ clients to achieve their property goals,” said Steve Griffiths (pictured right), commercial director for retail mortgages at Shawbrook. “We’re delighted to be able to announce a wide range of rate reductions. Whether the buyer fits into our core ranges, Large Loan or Shared Ownership product, there are great deals available.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
