Coventry and Keystone reduce rates; Melton BS ups LTV ratios
Coventry for intermediaries, Keystone Property Finance and Melton Building Society have each announced product updates in response to shifting market conditions and changing borrower needs.
Coventry for intermediaries has reduced selected residential and buy-to-let fixed rates by up to 24 and 15 basis points (bps) respectively. The updated offerings include a two-year fixed rate at 5.12% for 90% LTV with no fee, available for residential purchase, and a five-year fixed rate at 4.65% for 75% LTV with a £1,999 fee, available for buy-to-let remortgages.
“With little in the Spring Statement to help homebuyers, we know many are looking for ways to make their mortgage more affordable,” said Jonathan Stinton (pictured left), head of intermediary relationships at Coventry Building Society. “We’re pleased to be reducing rates from our residential and buy-to-let ranges, with some of the biggest cuts for higher loan-to-value borrowers – where every bit of support can make a real difference.”
Specialist buy-to-let lender Keystone Property Finance has also lowered rates by up to 15bps across its standard, specialist, cashback, expat and holiday let ranges. Reductions of up to 10bps were also applied to its Product Transfer, PT Plus, and Switch & Fix ranges.
Post-repricing, initial rates now start at 3.24% for standard and 3.29% for specialist products at 70% LTV. Cashback product rates begin at 4.59%, and holiday let and expat options start at 4.89% and 4.74% respectively, all at 65% LTV. The lender also updated its cashback offering, removing two-year options and adjusting the tiers on five-year products, with cashback amounts now ranging from £350 to £1,500 depending on loan size.
“In a period of geopolitical uncertainty, we’re delighted to be able to pass on concrete benefits in the form of rate reductions to brokers and their landlord clients,” said David Whittaker (pictured centre), chief executive of Keystone Property Finance. “Although the market remains unpredictable, at Keystone, we’re committed to acting quickly to provide the best possible rates whenever we can.
“We’re conscious of the practical and financial challenges that landlords currently face and, looking ahead, we will remain committed to offer the most competitive products we can at all times. We hope today’s cuts offer some relief to landlords at what is a hugely uncertain time.”
Meanwhile, Melton Building Society has enhanced its Credit Repair product range, increasing loan-to-value ratios across fixed and discounted options. The changes include raising near prime enhanced LTV limits from 70% to 80%, and adjusting Near Prime, Credit Assist and Credit Recovery products to offer up to 75% LTV, up from 70%.
“As we embark on our 150th anniversary and join the Building Society Association in celebrating their 250th anniversary, it is imperative we don’t forget the original purpose of a building society, to make homeownership more accessible,” said William Bell (pictured right), mortgage product manager at Melton Building Society.
“These exciting changes highlight our efforts to support customers with issues on their credit history, deliberately demonstrating how we as Melton Building Society have remembered our heritage and focused on the basics of putting roofs over as many people’s heads as we can.”
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