"This is welcome news ahead of some of the Christmas maturities we will likely see due to the rush for Christmas completions back in 2021"
Coventry Building Society is reducing rates across its residential and buy-to-let ranges, with the new rates going live Friday morning.
For new borrowers, the Society is reducing all fixed remortgage rates between 65-80% LTV and all fixed purchase fee rates between 65-75% LTV.
It is also reducing all two-year fixed rate fee-free rates at 90% LTV, all three-year fee-free rates at 75%, 80% and 90% LTV, and all five-year fixes with no fee at 95% LTV.
In addition, all fixed rate first-time buyer rates are decreasing, alongside all offset, interest-only and offset interest-only rates.
For existing borrowers, reductions include all fixed fee rates at 65-75% LTV and selected fee-free two, three and five-year products, as well as all offset rates.
In its buy-to-let range, all fixed rates will reduce for new and existing borrowers across its standard and portfolio buy-to-let ranges.
Speaking to Newspage, brokers welcomed the news, specifically as a lot of two-year fixed rates are due to mature in the fourth quarter.
Peter Stamford, director at Moor Mortgages, commented: “Just in time for the festive season, Coventry BS is rolling back rates to where they were last summer. If you're one of the many who rushed to seal a two-year deal before Christmas 2021, now's the time to ring your adviser. Coventry's making a serious play for market share.”
Emma Jones, managing director at Whenthebanksaysno.co.uk, said: “This is welcome news ahead of some of the Christmas maturities we will likely see due to the rush for Christmas completions back in 2021 for those who took two-year fixed rates."
Steven Hargreaves, mortgage and protection adviser at The Mortgage Co, commented: "More good news on the mortgage front. Coventry are doing their best to grab their share of the mortgage market in quarter four. Let's hope these cuts start to stimulate the housing market. The current round of interest rate reductions mean rates are similar to the rates available at the end of June, before they increased sharply."
Justin Moy, managing director at EHF Mortgages, added: "Further cuts in fixed rates show exactly how competitive the mortgage market has become, with lenders reducing margins to increase their share of a small market. Coventry BS continue to be both proactive and competitive with their mortgage range, with a reprice across their whole range including offset deals. Long may it continue."
