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.
Coventry and Together Announce Mortgage Rate Reductions
Coventry for Intermediaries and Together have both announced new rounds of rate cuts across their mortgage and short-term lending products. The changes affect a range of residential, buy-to-let, and bridging finance options for new and existing borrowers.
Coventry for Intermediaries is reducing rates on its residential mortgage products, including offset, interest-only, and offset interest-only options. The lender has not specified the scale of these reductions. Fixed-rate deals between 65% and 90% loan-to-value (LTV) are also included in the cuts, as well as selected 95% LTV products, including exclusive deals for first-time buyers. Existing residential borrowers will see lower rates across most fixed-rate products and all offset and interest-only options.
In the buy-to-let sector, Coventry is cutting rates on selected limited company fixed-rate products for new borrowers, specifically on two-year and five-year remortgage deals with a £3,999 fee. There are no rate changes for existing buy-to-let customers. Coventry has also reminded brokers that pending product transfer paper applications must be signed and returned within 48 hours of the illustration date.
Meanwhile, Together has announced rate reductions across its short-term and first charge products. This includes a 2 basis point reduction on selected unregulated bridging products, particularly for loans above £100,000 in lower LTV bands. Headline rates for unregulated bridging now start from 0.83%. The short-term product is available for loans between £26,000 and £5 million, with dual solicitor representation on qualifying cases and 100% funding available with additional security. Eligible property types include residential, commercial, and semi-commercial, with products also available for expats and non-UK residents.
Together has also reduced rates for existing customers on its regulated first charge retention range. The two-year fixed rate at less than 65% LTV has been reduced by 55 basis points to 7.85%, and the five-year fixed rate has been reduced by 24 basis points to 7.75%.
These changes may be relevant to letting agents and inventory clerks monitoring mortgage product trends and financing options for landlords and property investors.
Source: Mortgage Strategy