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 and Principality BS Announce Mortgage Rate Reductions

Coventry for Intermediaries and Principality Building Society have both announced reductions across their mortgage product ranges. The changes include cuts to fixed and buy-to-let rates, with new rates set to take effect from 29 June.

Coventry for Intermediaries has reduced its residential mortgage rates by up to 42 basis points and its buy-to-let (BTL) rates by up to 15 basis points. The lender’s updated offerings include products aimed at first-time buyers, such as a two-year fixed rate at 4.69% to 31 December 2028 at 90% loan to value (LTV) with a £999 fee and £500 cashback, and a five-year fixed rate at 4.65% to 31 December 2031 at 90% LTV with a £499 fee and £500 cashback.

Principality Building Society has also announced rate reductions across its residential, tracker, joint borrower sole proprietor (JBSP), BTL, holiday let, new-build, one-year self-employed, and six-month CIS products. Notable changes include two- and three-year fixed 65% LTV products reduced by 0.08%, five-year fixed 65% LTV products cut by up to 0.11%, and two-year 80% LTV products down by up to 0.07%. The BTL range has seen reductions of up to 0.1%, including a two-year fixed 60% LTV product without a product fee reduced by 0.1% and a five-year fixed 70% LTV product with an £895 product fee lowered by 0.05%.

Other reductions from Principality BS include a new-build five-year fixed 75% LTV Help to Buy Wales product cut by 0.09%, and one-year self-employed products reduced by up to 0.11%. The five-year fixed 75% LTV one-year self-employed product with an £895 product fee has been cut by 0.05%.

These rate changes may be relevant for letting agents and inventory clerks monitoring mortgage trends that could impact landlord and tenant activity in the UK property market.