Coventry for Intermediaries has lowered the stress rate used to calculate affordability for like-for-like remortgages.

Previously set at 6.99 per cent, the lender will now apply a rate of 5.24 per cent.

It says that product fees may be added to these remortgages and that early repayment charges cannot.

Coventry Building Society head of intermediary relationships Jonathan Stinton says: “The change to our stress rate in like-for-like remortgages will improve access to our remortgage products while maintaining our prudent approach to lending.

“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.”