Coventry for Intermediaries has reduced selected rates and new deals are being launched today.
Home rates have been reduced by up to 20 basis points, and buy-to-let (BTL) rates have been reduced by up to 13 basis points for new and existing customers.
Highlights include a two-year fixed rate until 30.11.28 at 90% loan-to-value (LTV), with an interest rate of 5.15%, available to first-time buyers and comes with £500 cashback.
There is also a five-year fixed rate until 11/30/2031 with a 75% LTV, which has a new rate of 4.60%, with a £999 fee and is available for residential purchase.
Coventry Jonathan Stinton, head of intermediary relations at Building Society, said: “Continued rate reductions give agents more opportunities to re-engage with customers who may have put off making a move. The market remains highly competitive and even relatively small price changes can help improve monthly costs or make certain options more attractive to borrowers.”
Elsewhere, Precise, part of OSB Group, has cut rates on its home mortgages by up to 35 basis points.
The discounts have been applied to Tier 1 to Tier 5 products. These include select products up to 95% LTV, which have been reduced by 35 basis points, and all fixed rates up to 90% LTV within Tier 1 and Tier 2, which have been reduced by 30 basis points.
In addition, the lender has reduced prices from Tier 3 to Tier 5, with all fixed interest rates across all LTV bands reduced by 20 basis points.
Precise group head of intermediary sales and distribution Emily Hollands comments: “The latest Bank of England money and credit data suggests activity is holding up despite continued affordability pressures, with buyers feeling more comfortable in the current interest rate environment.”
“The continued focus on affordability means that prices remain an important consideration, and these reductions, in addition to the changes we have made to our products and proposition in recent months, are designed to give agents more scope to list a wider range of business with confidence.”
Meanwhile, Gatehouse Bank has made a 0.10% rent reduction on selected home finance products available to UK residents.
The changes apply to two- and five-year fixed-term home purchase plans (HPP) at 65% and 80% finance-to-value (FTV) and to two- and five-year buy-to-let (BTL) products at 65% FTV.
This includes standard and green products for individual applicants, as well as for UK registered SPV Limited Companies.
The reduced rates will also apply to customers seeking BTL property financing for multi-occupancy houses (HMOs) or multi-unit blocks (MUFBs).
A two-year fixed rate HPP of 65% FTV is priced at 5.99% and a five-year fixed rate is priced at 5.95%, while at 80% FTV a two-year fixed rate is 6.09% and a five-year fixed rate is 6.05%.
For BTL products, the two-year 65% FTB interest rate has a rate of 3.74% and a five-year fixed interest rate has a rate of 5.20%.
The 65% FTV for HMOs and MUFBs with a two-year fixed term has a rate of 3.89% and the five-year fixed price has a price of 5.34%.
Gatehouse Bank head of customer propositions Gemma Donnelly says: “We know how important it is for potential home buyers and landlords to receive a competitive rate on a product that suits their individual needs.”
“We hope that today’s rate reduction will help even more people in Britain access the finance they need to achieve their property ownership goals.”