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, Hanley, Keystone Announce Mortgage Rate Reductions

Coventry for intermediaries, Hanley Intermediaries, and Keystone Property Finance have all announced reductions to selected mortgage rates. The changes affect a range of residential and buy-to-let (BTL) products, with new rates and deals now available.

Coventry for intermediaries has reduced selected residential and BTL rates by up to 16 basis points. The lender has launched new deals, including products aimed at first-time buyers, which come with £500 cashback. Notable offers include a five-year fixed rate at 90% loan-to-value (LTV) with no fee at 5.02%, and a two-year fixed rate at 85% LTV with no fee at 5.09%. Both are available for first-time buyers and include £500 cashback.

Hanley Intermediaries has also reduced rates across its residential, retirement interest only (RIO), and self-build mortgage ranges by up to 0.65%. The reductions include a residential 95% LTV two-year variable discount mortgage, now at 5.77% (down from 6.32%), a self-build two-year BuildLoan Exclusive ECO variable discount mortgage at 5.56% (down from 6.21%), and a two-year RIO variable discount mortgage at 5.29% (down from 5.93%).

Keystone Property Finance has lowered prices across its fixed rate BTL product ranges by 15 basis points. The reductions apply to two- and five-year fixed rate products, including standard, specialist, expat, holiday let, product transfer, and refurb to let exit options. New rates now start from 3.44% for standard rates at 70% LTV, 3.49% for specialist rates at 70% LTV, 4.79% for expat rates at 65% LTV, 5.54% for holiday let rates at 65% LTV, and 5.09% for both product transfer and refurb to let exit rates at 65% LTV.

Additionally, InterBay has announced it will withdraw its commercial, semi-commercial, and BTL products, including product transfers.

These changes may be relevant for letting agents and inventory clerks monitoring mortgage product trends and affordability for landlords and tenants.