Coventry for intermediaries has cut selected residential fixed-rate deals for new and existing customers by up to 16 basis points.
Product highlights include:
- Two-year fixes to 31 December 2027, at 50% loan to value, at 4%, with a £999 fee – available for interest-only remortgage, with an option to have £350 cashback, or use the lender’s remortgage transfer service
- Two-year fixes to 31 December 2027, at 65% LTV, at 3.90%, with a £999 fee – available for purchase
The move comes after the broker-only arm of Coventry Building Society also eased its mortgage stress test yesterday, giving typical borrowers the chance to borrow up to £35,000 more when buying their home.
This change will reduce stress rates for residential lending, increasing maximum borrowing by 8% to 15% for many applicants, the unit said.
Coventry Building Society corporate account manager Ben Williams added: “As well as reducing our rates, we’ve updated our affordability stress testing – meaning some clients may be able to borrow more.”
