Lenders announce rate reductions and expanded offerings
Coventry for intermediaries and Landbay have both introduced changes to their mortgage products, aiming to provide more options for brokers and property investors.
Coventry for intermediaries has lowered rates across its residential and buy-to-let mortgage products, with reductions of up to 14 basis points for residential deals and up to 38 basis points for buy-to-let.
The new rates, available from today, August 12, include a two-year fixed rate at 3.80% for residential purchases up to 65% loan-to-value (LTV) with a £999 fee, and a five-year fixed rate at 4.31% for buy-to-let purchases up to 75% LTV with a £1,999 fee.
The lender’s move follows the Bank of England’s recent decision to reduce the base rate from 4.25% to 4%, bringing borrowing costs to their lowest level in two years.
“These rate reductions give brokers fresh opportunities to support clients at all stages,” said Jonathan Stinton (pictured left), head of intermediary relationships at Coventry Building Society. “First time-buyers have more affordable options to help them get on the ladder, and those looking to move or get a new deal have more options to consider.
“Our product transfers rates are aligned with our cheapest new business rates too, so brokers can offer existing clients the same great value as anyone coming to us for the first time. It’s a great time for brokers to engage with clients and guide them to their next deal.”
Meanwhile, buy-to-let lender Landbay has enhanced its limited edition range of automated valuation model (AVM) products, increasing both the maximum LTV and loan amount.
The range now offers up to 75% LTV, up from the previous 65%, and the maximum loan size has risen by 15% to £562,500. The AVM range features four standard five-year fixed rate products, with rates starting at 4.59% and loan sizes beginning at £75,000.
The limited edition AVM products are available for both purchases and remortgages, and come with a variable fee structure to support affordability. Brokers can access all Landbay products through the lender’s buy-to-let affordability calculator.
“Increasing both our maximum LTV and loan amount makes these products in our limited edition range even more desirable and accessible to more landlords across the country,” said Rob Stanton (pictured right), sales and distribution director at Landbay. “Combine this with the recent launch of our Summer Special range – which now includes product transfer options – and it’s a great example of our ethos at Landbay.
“Whether it’s launching new products or improving existing lines, we will do so as soon as the opportunity presents itself to ensure we are supporting brokers and their landlords clients with the most broad and competitive product range as possible.”
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