Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Coventry BS and Rely Announce Reductions in Mortgage and BTL Rates

Coventry Building Society and Rely have both announced reductions to their mortgage and buy-to-let (BTL) rates. The changes affect a range of fixed-rate products for residential buyers and landlords.

Coventry Building Society has reduced rates by up to 0.15% on residential mortgages and up to 0.08% on BTL products. Among the updated offerings is a two-year fixed deal at 90% loan to value (LTV) for first-time buyers, now priced at 4.98%, which includes a £999 fee and £500 cashback. For limited company BTL remortgages on properties with an Energy Performance Certificate (EPC) rating of A to C, Coventry is offering a fee-free five-year fix at 75% LTV with a rate of 5.41%.

Rely, a specialist BTL lender within the OSB Group, has reduced rates by as much as 0.25% on selected products. The changes apply to one-, two-, and five-year fixed rates for small landlords, as well as two-year fixes for medium and large landlords. Notable products include a one-year fix at 75% LTV with a 3% fee, now at 3.83%, and a two-year fix at 55% LTV with a 5% fee, now at 3.51%. The equivalent five-year fix is now at 4.68%. Rely has also made reductions to its recently launched limited-edition mortgages.

These rate changes may be relevant to letting agents and inventory clerks working with landlords and property investors, as they could impact mortgage options for both new purchases and remortgages.