Coventry Building Society has announced sweeping reductions across its range of buy-to-let mortgages, with cuts going as deep as 0.40%. But it’s not just landlords who are set to benefit; prospective homeowners and those looking to move up the property ladder are also in for some good news, thanks to reduced rates on selected residential mortgages.

A Win for Homebuyers and Investors Alike

Jonathan Stinton, the head of intermediary relationships at Coventry, emphasised the crucial role of brokers in the property market, saying, “Brokers are essential for future homeowners who are keen to step onto the property ladder, existing homeowners looking to secure their next deal, and landlords alike.”

What’s New for Residential Mortgages?

For those dreaming of owning their first home, Coventry has introduced an attractive offer on a two-year fixed-rate mortgage. This deal, specifically tailored for first-time buyers, comes with a competitive 5.14% interest rate for loans up to 90% of the property’s value (90% LTV), and it gets better — there’s no product fee, and buyers will receive £500 cashback to help cover other costs associated with purchasing a home.

Better Deals for Landlords

Landlords haven’t been left out in the cold. Coventry has made significant cuts to all its buy-to-let fixed-rate mortgages, with one of the standout offers being a five-year fixed-rate remortgage product. This product, set at a 65% loan-to-value (LTV) ratio, now has a reduced rate of 4.26%. It comes with a £1,999 product fee, but landlords have the choice between £350 cashback or taking advantage of Coventry’s remortgage transfer service, designed to make switching mortgages as smooth as possible.