Brokers Coventry have reduced selected prices, as new deals are launched today.
Occupancy and buy-to-let (BTL) rates have been reduced by up to 16 basis points, with reduced options for new and existing customers.
A number of these products are aimed at supporting first-time buyers and come with a £500 cashback.
Highlights of the reduction include a five-year fixed rate to 30.11.2031 at 90% loan-to-value (LTV) with no down payment, with a rate of 5.02%.
In addition, there is a fixed rate of two years to 30.11.2028 at 85% LTV without payment, with a rate of 5.09%.
Both are available to first-time buyers and come with £500 cashback.
Coventry Building Society’s head of internal relations Jonathan Stinton says: “Sellers tell us that many customers are focused on keeping monthly payments as manageable as possible, especially those looking to take their first step on the ladder.”
“By reducing rates on high LTV products, we aim to provide more support where it can make a difference. These changes are designed to give brokers more competitive options for borrowers who need them most.”
Meanwhile, Hanley Intermediaries has cut rates across its residential, retirement interest only (RIO) and home equity loan ranges by up to 0.65%.
This reduction includes a number of topical products aimed at supporting borrowers across different borrowing needs and life stages.
The reduction includes the rate of the two-year discount mortgage for a residential LTV of 95%, which has been reduced from 6.32% to 5.77%. This represents a 1.97% discount on the average community rate of 7.74%.
Hanley has also reduced the two-year discount rate for the BuildLoan Exclusive ECO from 6.21% to 5.56%. This represents a discount of 2.18% on the Association’s standard variable rate of 7.74% and is available at up to 80% LTV.
In addition, the prime rate for a two-year retirement benefit-only mortgage has been cut from 5.93% to 5.29%. This represents a discount of 2.45% on the average community rate of 7.74% and is available up to 70% LTV.
Hanley Economic Building Society’s head of product and marketing David Lownds comments: “Market conditions have continued to improve in recent months and we are seeing increasing levels of engagement from borrowers who are actively reviewing their options, whether they are first-time buyers, self-build customers or those planning for later life lending needs.”
“This latest reduction is not just a reaction to price movements elsewhere in the market. It reflects the importance of maintaining product choice across different borrower groups at a time when affordability remains a key consideration for many households.”
Elsewhere, Keystone Property Finance has reduced prices on its fixed rate BTL the product differs by 15 points.
The reduction applies to all of Keystone’s two- and five-year fixed-rate products and follows a recent drop in replacement rates.
The new rates apply to all standard Keystone, professional, expat, holiday let, product transfer/product transfer and refurbishment to allow exit options.
Rates across Keystone’s BTL product range now start from 3.44% for standard rates at 70% LTV, 3.49% for special rates at 70% LTV, 4.79% for foreign rates at 65% LTV, 5.54% for vacation rentals at 65% LTV, 5.09% for referral products and 6% for LTV with 5% of the product. 5.09% adjustment to allow for exit rates at 65% LTV.
Keystone Property Finance managing director Elise Coole says: “We are constantly updating our product range in line with market developments and following the recent reduction in SWAP rates, we have moved quickly to reduce the price on all our fixed rate products.”
InterBay has announced that it will withdraw its commercial, trade and BTL products, including product transfers, at 5pm today.
This will include its limited range of retail and retail products.
The lender says a new simplified range will be launched tomorrow.
