Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Accord and Coventry Trim Rates and Adjust Product Ranges
Accord and Coventry Building Society are set to reduce rates on a range of residential and buy-to-let mortgage products this week. Both lenders are also making changes to their product offerings, with Coventry withdrawing several products and extending end dates.
At Accord, reductions will take effect tomorrow across both residential and buy-to-let deals. The largest cuts are on residential new business rates at 90% loan-to-value (LTV), which will decrease by up to 18 basis points. Fixed rates at 75%, 80%, and 85% LTV will fall by up to 13 basis points, while remortgage rates at the 65% LTV tier will be lowered by 10 basis points. Accord is also reducing all buy-to-let new business fixed rates by 9 basis points.
Coventry Building Society has notified brokers that it will withdraw a number of products at close of business tomorrow, with rate reductions to follow on Friday. For new residential borrowers, Coventry is closing all first-time buyer exclusive rates at 65%-85% LTV, closing all fixed rates at 80% LTV, reducing all fixed rates (including offset and interest-only), and extending all end dates. For existing residential borrowers, Coventry is closing all fixed rates at 80% LTV, reducing all fixed rates (including offset and interest-only), and extending all end dates. For buy-to-let and company buy-to-let customers, Coventry is reducing all fixed rates for both new and existing borrowers and extending end dates.
These changes may impact letting agents and inventory clerks by influencing mortgage options available to landlords and property investors, potentially affecting demand and activity in the UK rental market.
Source: Mortgage Strategy