In the midst of rising mortgage interest rates, Coventry Building Society have announced that they are REDUCING their Buy-To-Let mortgage rates through their intermediary platform.
The mortgage broker only arm of Coventry building society are reducing buy-to-let mortgage rates for select single rental property products and portfolio landlord mortgages. Some of the products on the buy-to-let and portfolio landlord range are being reduced by up to 25 basis points, products up to 85% loan to value across their owner-occupied range are being reduced by up to 15bps. This means that buy-to-let landlords could benefit from reduced rates with Coventry if they secure their mortgage through a mortgage broker such as Oportfolio.
Here are the main changes to rates that they have announced so far:
- A 3.25% fixed-rate loan to 31 December 2027 available for purchase, remortgage, product transfer, further advance, and first-time buyer options, with a £999 fee and 75% LTV
- A 3.54% fixed-rate offer to 31 December 2027 available for purchase, remortgage, product transfer, further advance and first-time buyer options, with no fee and 75% LTV
- And a 3.35% fixed-rate deal to 31 December 2027 available for purchase, remortgage, product transfer, further advance, and first-time buyer options, with a £999 fee and 85% LTV
Ben Williams, corporate account manager at Coventry for intermediaries, said: “We’re continuing to support the broker market where we can with more competitive rates across a large selection of products. These changes will allow us to strike a better balance between meeting client demand for competitive rates and balancing service. In the current market, brokers and their clients should see the appeal of a good mix of both.”
Content and communications manager at Oportfolio Louis Mason had this to say: “Well this was a nice thing to get in our inbox recently. We have been hearing, literally on a daily basis, lenders bumping up their rates. Although the bigger high-street lenders are still holding firm with their tactic of raising rates I am impressed with Coventry’s bold actions. Will other lenders follow in their footsteps? Now is a great time to get in touch with a mortgage advisor to see if there is anything you can do for your mortgage. Strike while the iron is hot!”
If you or anyone you know is interested in learning more about rising and decreasing mortgage rates, please feel free to give our advisor team a call today to see how we can help.