Coventry for Intermediaries has recently announced a significant reduction in all its fixed mortgage rates. This change is set to benefit a wide range of customers, including those looking to buy a new home or those considering remortgaging their existing property.
Dramatic Drops in Rates
The most notable change includes reductions of up to 0.57% on residential mortgages and up to 0.39% on buy-to-let rates. These adjustments offer potentially substantial savings for both new and existing customers, making it an ideal time to consider a fixed-rate mortgage.
Diverse Fixed Rate Products
The revised mortgage portfolio now boasts a variety of fixed rate products, catering to different needs. Customers can choose from 2, 3, and 5-year fixed rate options. These are available for a wide range of loan-to-value (LTV) ratios, spanning from 65% all the way up to 95%. This flexibility ensures that more people can find a mortgage deal that fits their financial situation.
Attractive Options for Remortgaging
One of the standout offerings is a 4.61% 2-year fixed rate mortgage, valid until 30th June 2026. This is particularly tailored for residential remortgaging at 75% LTV. It comes with a product fee of £999 and offers a choice between £350 cashback or access to the Remortgage Transfer Service – a handy perk for those looking to switch their mortgage.
Long-term Stability for Home Buyers
For those looking at longer-term stability, there’s a 4.84% 5-year fixed rate mortgage available until 30th June 2029. This option, ideal for residential purchases, is set at 90% LTV and also carries a £999 product fee. It’s a great fit for first-time buyers or those moving to a new home, offering a consistent repayment amount over a longer period.
Jonathan Stinton, the Head of Intermediary Relationships at Coventry, expressed optimism about these changes. He mentioned, “It’s been a positive start to the year with rate reductions across the board. It shows there are definite signs of recovery in the market, so new and existing borrowers can hopefully feel some renewed confidence for the year ahead.” This suggests a strengthening housing market and more favorable conditions for borrowers.