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.

TSB, Coventry and Leek Announce Reductions on Buy-to-Let and Fixed Rate Mortgages

TSB, Coventry for intermediaries, and Leek Building Society have each announced reductions on a range of buy-to-let (BTL) and fixed rate mortgage products. The changes affect both new and existing borrowers, with rate cuts across various loan-to-value (LTV) bands and product types.

TSB is reducing selected rates across its BTL, portfolio BTL, product transfer, and additional borrowing ranges. The lender will cut rates on its BTL two- and five-year fixed house purchase and remortgage products at 60% to 80% LTV (portfolio BTL 60% to 75% LTV only) by up to 0.80%. Product transfer residential two- and five-year fixed rates at 0% to 75% LTV will be lowered by up to 0.15%, and residential two-year fixed rates at 75% to 85% LTV with a £995 fee will be cut by 0.05%. In the product transfer range, BTL two-year fixes between 0% and 75% LTV will be reduced by up to 0.10%, and BTL five-year fixes between 0% and 60% LTV will be trimmed by 0.05%. For additional borrowing, residential two- and five-year fixes between 0% and 75% LTV will be cut by up to 0.15%. BTL two-year fixes between 0% and 75% LTV will be lowered by up to 0.10%, and BTL five-year fixes between 0% and 60% LTV will be cut by 0.05%. Product end dates for BTL, portfolio BTL, product transfer, and additional borrowing will move to the end of October.

Coventry for intermediaries has also announced further rate reductions. Within its residential range, new borrowers will see lower prices on interest only two- and five-year fixed rates, as well as all two-year fixes (excluding 80% LTV remortgage rates). Other reductions include three-year fixed remortgage rates at 90% LTV, five-year purchase rates across different LTVs, and all five-year first-time buyer exclusive rates at 65% to 95% LTV. For existing borrowers, all two-year fixed rates, all three-year fixed rates at 65% to 90% LTV, five-year fixed interest only, five-year fixed rates at 65% to 85% LTV with a fee, and five-year fixed rates at 90% to 95% LTV will be lowered. Coventry has also made price cuts to its BTL and limited company BTL ranges, with reductions on all two-year standard and portfolio BTL rates for new borrowers, and all two-year fixes for existing borrowers.

Leek Building Society will implement price reductions on its fixed rate mortgages effective tomorrow. The residential five-year fixed at 90% LTV with no fee will be lowered by 0.20% to 5.33%, and the five-year fixed at 95% LTV with a £995 fee will be cut from 5.46% to 5.31%. The residential two-year fixed at 95% LTV with a £995 fee will be 0.20% less at 5.52% and comes with £400 cashback, while the five-year at 95% LTV with no fee will be reduced by 0.20% to 5.45% and also includes £400 cashback. Shared ownership at 95% LTV will be cut on two- and five-year fixes to 5.41% and 5.26% respectively. The society will also reduce 75% LTV limited company BTL rates, with two- and five-year fixed with no fee down to 5.63% and 5.48% respectively, and two- and five-year fixed with a £1,495 fee lowered to 5.31% and 5.39% respectively. Holiday let rates at 75% LTV will be cut on two- and five-year fixes with a £999 fee to 5.36% and 5.37% respectively.

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