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, Precise and Gatehouse Announce Mortgage and BTL Rate Reductions
Coventry for intermediaries, Precise, and Gatehouse Bank have each announced reductions on selected residential and buy-to-let (BTL) mortgage rates. The new deals and lower rates are now available to both new and existing customers.
Coventry for intermediaries has reduced selected residential rates by up to 20 basis points and BTL rates by up to 13 basis points. Among the new offers is a two-year fixed rate to 30 November 2028 at 90% loan-to-value (LTV), with a rate of 5.15% and £500 cashback for first-time buyers. Another highlight is a five-year fixed rate to 30 November 2031 at 75% LTV, now at 4.60% with a £999 fee, available for residential purchase.
Precise, part of OSB Group, has reduced rates across its residential mortgage range by up to 35 basis points. The reductions apply across Tier 1 to Tier 5 products, including selected products up to 95% LTV, which have been lowered by 35 basis points. All fixed rates up to 90% LTV within Tier 1 and Tier 2 have been trimmed by 30 basis points, and all fixed rates across Tier 3 to Tier 5 have been reduced by 20 basis points across all LTV bands.
Gatehouse Bank has made a 0.10% rental rate reduction on selected residential property finance products for UK residents. The changes apply to two- and five-year fixed-term Home Purchase Plans (HPP) at 65% and 80% finance-to-value (FTV), as well as two- and five-year BTL products at 65% FTV. The reduced rates are available for standard and green products for individual applicants and UK-registered SPV Limited Companies. The new rates also apply to BTL property finance for houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
For letting agents and inventory clerks, these rate reductions may impact client affordability and demand for both residential and BTL properties. The changes could also influence the types of products landlords and buyers choose in the current market.
Source: Mortgage Strategy