Kensington Mortgages has cut buy-to-let rates by up to 40 basis points and Coventry for Intermediaries has trimmed residential costs by up to 15 bps.

At Kensington two-year fixed rates have been reduced by up to 15bps and five-year fixes by up to 9bps.

Products for houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFBs) have seen the biggest reductions, with two-year fixes falling by up to 40bps.

The changes apply across both Kensington’s Prime and Core ranges.

In the Prime range, two-year fixed 75% loan-to-value buy-to-let rates now start at 3.13% with a 5% fee, 3.8% with a 3% fee and 5.34% with no fee.

Five-year fixed 75% LTV products are now priced at 4.0% with a 3% fee and 5.05% with no fee.

Kensington has also added new £1,499 fee options to its Prime buy-to-let range, including a two-year fix at 4.85% and a five-year fix at 4.9%, both up to 75% LTV.

All Kensington buy-to-let products include a free valuation.

At Coventry, meanwhile, two, three and five-year residential deals have been lowered, with pricing on product transfers remaining in line with its lowest new business rates.

Following the cuts, new rates on offer include a 4.53% two-year fix at 90% LTV with no fee for first-time buyers and a 4.77% five-year fix at 95% LTV with a £999 fee for homebuyers.

Kensington Mortgages commercial director Andy Bickers says: “Our latest reductions further strengthen the competitiveness of our BTL range, giving brokers and their clients access to some of the most attractively priced options in the market – including new fee structures that provide real flexibility.

“But just as important as rate is the certainty and support that underpin the Kensington experience, including our one-day turnaround on reviewing new applications and being able to talk to our sales support within a minute.”

Coventry Building Society head of intermediary relationships Jonathan Stinton says: “We’re pleased to be reducing residential rates, with some of the biggest cuts for higher loan-to-value borrowers – where every bit of support can make a real difference.

“Our product transfer 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.”