Coventry Building Society has announced cuts to its mortgage rates, with new deals launching next Tuesday, 12th August.
Residential rates will reduce by up to 0.14%, with two, three and five-year fixed rates available.
The lowest rate on offer is now a 3.80% two-year fixed rate, available for residential purchase up to 65% LTV with a £999 fee.
Another highlight is a 90% LTV two-year fix, down to 4.76% with no fee and £500 cashback, available for first-time buyers.
The lender has reduced mortgage rates following yesterday’s Bank of England decision to reduce base rate from 4.25% to 4% - taking borrowing to the lowest level it’s been in two years.
Jonathan Stinton, head of mortgage relations at Coventry Building Society, said: “Rates coming down is great news for borrowers, because it means cheaper options are available. Whether people are looking to buy their first home or lock in a new deal, a lower rate can make a real difference to the monthly repayments. This can really help people feel confident about their next move.”
