Coventry for intermediaries will cut a range of new business residential and landlord fixes on Friday (1 September).
The lender will withdraw relevant offers at 8pm on 31 August, before launching new deals at 8am on 1 September, it said in a note to brokers.
The firm says the move is in line with its commitment to give intermediaries two days’ notice before products are closed.
Highlights of the changes include:
Residential — new business, porting, further advances, and product transfer
- Cuts to all two-year fixed new business rates, excluding 65% loan-to-value remortgage rate with no fee and 80% LTV purchase rate with no fee
- Cuts to all three-year fixed new business rates, excluding 65% LTV remortgage rate with a £999 fee, 75% LTV purchase rates and 80% LTV remortgage rate with no fee
- Cuts to all five-year fixed new business rates
- Cuts all fixed existing customer-only rates, excluding three-year fixed 80% LTV rate, with a £999 fee, and five-year fixed 75% LTV green further advance rate
Buy to let — new business, porting, further advances, and product transfer
- Cuts to all two-year fixed BTL and portfolio BTL new business rates, excluding 65% LTV remortgage rate with no fee
- Cuts to all five-year fixed BTL and portfolio BTL new business rates, excluding 65% LTV purchase and remortgage rates with no fee
- Cuts to all two-year Fixed BTL and portfolio BTL existing customer-only rates, excluding 50% LTV rate and 65% LTV rate with a £1,999 fee
- Cuts to all five-year fixed BTL and portfolio BTL existing customer-only rates, excluding 50% LTV rates and 65% LTV rate with no fee
The lender says: “An agreement in principle does not secure a closing product. If an agreement in principle refers, we can’t guarantee we’ll be able to review it before the product is closed.
“So, if your agreement in principle does refer, you should copy the case and click through to the full mortgage application to secure the product.”
It adds that applications received after 8pm on 31 August will not be accepted.
