"Remortgages are going to be an area of major focus for brokers in 2023, so we continue to support our intermediary partners with the introduction of cashback remortgage products."
Coventry for Intermediaries has launched a range of cashback remortgage products, reintroduced tracker products and lowered all residential rates.
Cashback remortgage options are available for residential cases at 65% and 75% LTV and buy-to-let and portfolio landlord cases at 50% LTV, all with £350 cashback. Remortgage products which offer the remortgage transfer service instead of the cashback option are also available.
Tracker products are available for residential and buy-to-let, with options starting from 0.28% above base rate. Higlights include a 3.78% two-year residential tracker (BBR +0.28%) at 65% LTV with a £999 product fee and no ERCs.
Residential rates have reduced by up to 90bps. New rates include a five-year residential fixed rate at 4.35% up to 65% LTV with a £999 product fee and a 5.30% five-year buy-to-let fixed rate at 50% LTV with a £1,999 fee, both also available as a remortgage cashback alternative.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Remortgages are going to be an area of major focus for brokers in 2023, so we continue to support our intermediary partners with the introduction of cashback remortgage products. Products which offer our Remortgage Transfer Service are also still available, giving brokers and their clients freedom to either appoint their own solicitor or use our conveyancing service.
“We’re also supporting the market with reductions of up to 90bps for all residential products, and reintroducing trackers to the range as there’s still a strong demand for flexibility.”
