Coventry, BM Solutions, West Brom and Newcastle follow trend of recent rate cuts
Several mortgage lenders have announced rate reductions, offering brokers and borrowers a wider range of options across buy-to-let and residential products.
Coventry for intermediaries has lowered all limited company buy-to-let rates by up to 19 basis points (bps). The revised products are available for both purchase and remortgage cases, with two- and five-year fixed options.
Highlights include a two-year fixed at 5.81% at 75% LTV with no product fee for purchases, and a five-year fixed at 5.10% at 75% LTV with a £3,999 fee for remortgages.
Applications are submitted via MSO, allowing brokers to track and manage cases efficiently.
BM Solutions, part of Lloyds Banking Group, has also dropped rates by up to 20bps across its two- and five-year fixed purchase and remortgage ranges. The most significant cut is to a two-year fixed at 80% LTV, down 30bps to 5.66% with no fee.
Other two-year purchase rates now start from 2.58% at 50% LTV, while remortgage equivalents follow similar pricing. Five-year fixed remortgage products have also seen reductions of up to 28bps, with fee-free options starting at 4.23% at 50% LTV.
Meanwhile, Newcastle for Intermediaries has cut rates by up to 30bps on its Large Loans range, aimed at clients with complex needs and borrowing requirements up to £3 million.
The updated products offer up to 85% LTV, rates from 4.45%, and features such as 100% bonus or commission consideration, subject to underwriting, enhanced income multiples of up to 5.5x, and support for overpayments up to 10%. The range includes access to Newcastle’s dedicated underwriting team.
West Brom Building Society has also reduced rates by up to 0.33% across its two- and three-year fixed residential mortgage products. The two-year 80% LTV remortgage is now 4.25% with a £999 fee, while the purchase version stands at 4.10%.
Interest-only options have been introduced at 60% LTV, both priced at 4.10% for purchase and 4.25% for remortgage. New three-year fixed options at 80% LTV start at 4.30% for purchase and 4.36% for remortgage. Higher LTV products, including a 95% LTV three-year fixed at 4.83%, have also been added.
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