Coventry for Intermediaries has cut its reference rate for buy-to-let lending.

The division says its rate has come down 0.5 per cent to 4.5 per cent for all five-year-plus fixed-rate calculations.

Landlords saw rents lift at the end of last year, rising in December by an annual 4.1 per cent, according to data from Hamptons International, the fastest rental growth rate growth since July 2016.

Coventry Building Society head of intermediary relationships Jonathan Stinton says: “We’re improving the options available to landlords, making it easier for them to invest in their portfolios. We want to be as straightforward as possible with landlords and our BTL policy reflects that decision, with no minimum income or minimum time in employment criteria. Our ICR [interest cover ratio] policy is also very easy to work with as it’s simply based on total gross annual income and/or tax status.

“Our BTL calculator helps brokers work out how much their landlord clients could borrow from us, and the change to our reference rate means it’s likely more of those clients will now have a greater choice available to them.

Stinton adds: “We’re sending brokers more information and some useful examples to help them see which of their clients could benefit from this change. It’s all available on our website too.”