Coventry for Intermediaries has reduced selected rates and new deals are being launched today.
Residential and buy-to-let (BTL) rates have been reduced by up to 16 basis points, with reduced options for new and existing customers.
Some of these products are specifically aimed at supporting first-time buyers and come with £500 cashback.
Highlights of the cuts include a five-year fixed rate until 30.11.2031 at 90% loan-to-value (LTV) without fees, with an interest rate of 5.02%.
In addition, there is a two-year fixed interest rate until 30.11.2028 with an LTV of 85% without costs, with a rate of 5.09%.
Both are available for first-time buyers and come with £500 cashback.
Jonathan Stinton, head of intermediary relations at Coventry Building Society, says: “Agents tell us that many clients 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 higher LTV products, we aim to provide additional support where it can make a difference. These changes are intended to give brokers more competitive options for borrowers who need them most.”
Meanwhile, Hanley Intermediaries has reduced rates on its residential, pension and self-build mortgages by up to 0.65%.
These reductions include a number of key products aimed at supporting borrowers at different credit needs and life stages.
The reductions include the rate on the residential mortgage with a two-year LTV loan with a variable discount of 95%, which has been reduced from 6.32% to 5.77%. This represents a discount of 1.97% on the company’s standard variable rate of 7.74%.
Hanley has also reduced the self-build two-year BuildLoan mortgage with exclusive variable discount ECO mortgage from 6.21% to 5.56%. This represents a 2.18% discount on the Society’s standard variable rate of 7.74% and is available up to an LTV of 80%.
In addition, the nominal interest rate on the two-year mortgage with only variable discount has been reduced from 5.93% to 5.29%. This represents a 2.45% discount on the company’s standard variable rate of 7.74% and is available up to an LTV of 70%.
Hanley Economic Building Society head of product and marketing David Lownds said: “Market conditions have continued to improve in recent months and we are seeing growing engagement from a range of borrowers who are actively re-examining their options, whether they are first-time buyers, self-build customers or those planning to take out a loan later.”
“These latest cuts are not just about responding to price movements elsewhere in the market. They reflect the importance of maintaining product choice for different groups of borrowers at a time when affordability remains a key consideration for many households.”
Elsewhere, Keystone Property Finance has cut prices on its fixed income BTL product ranges by 15 basis points.
The reductions apply to Keystone’s two- and five-year fixed rate products and follow recent declines in swap rates.
The new rates apply to Keystone’s standard, specialist, expat, vacation rental, product transfer/product transfer plus and renovation-to-rental exit options.
Rates for Keystone’s BTL product range now start from 3.44% for standard rates at 70% LTV, 3.49% for specialist rates at 70% LTV, 4.79% for expat rates at 65% LTV, 5.54% for holiday rental rates at 65% LTV, 5.09% for product transfer and PT plus rates at 65% LTV and 5.09% renovation for rental exit percentages of 65% LTV.
Elise Coole, director of Keystone Property Finance, said: “We continually review our product range in line with market developments and following the recent SWAP rate reduction we have quickly moved to lower prices for our fixed rate products.”
InterBay announced that it will retire its commercial, semi-commercial and BTL products, including product transfers, today at 5 p.m.
This includes limited edition commercial and semi-commercial products.
The lender says a new, simplified range will be launched tomorrow.