Coventry for intermediaries has cut the majority of its residential fixed-rate offers by up to 45 basis points and its buy-to-let fixes by up to 20bps.
Coventry Building Society’s broker-only arm says its changes cover two-, three- and five-year terms for residential applications — and includes a sub-5% loan.
Highlights of its reductions include:
- Five-year fixes at 65% loan to value at 4.92%, with a £999 product fee, for residential purchase
- Five-year fixes at 75% LTV at 5.40%, with a £1,999 product fee, for BTL purchase and remortgage
Coventry Building Society head of intermediary relationships Jonathan Stinton says: “It’s encouraging to see that rates are continuing on the downward trajectory, and sub 5% deals are back on the table.
“Fixed rates remain to be popular, so we’re supporting our broker partners with reductions on selected two-, three- and five-year fixed-rate deals, giving them the options they need to help their clients.”
Coventry for intermediaries is among a number of lenders that have cut rates this week, including HSBC, Halifax and Newcastle for intermediaries.
The reductions come after the Bank of England Monetary Policy Committee held the base rate at 5.25% last month, in a narrow 5-to-4 vote, following its previous rise on 3 August.
This has caused lenders to bet that the BoE is nearing the end of its rate-raising cycle, which saw the base rate climb 14 times in a row from December 2021.
