Coventry for intermediaries has reduced rates across its 2, 3 and 5-year fixed rate buy-to-let ranges reduces by up to 0.20%.
For both 2-year and 5-year fixed rate deals, there’s an LTV of 75%, ERCS payable and a £1,999 product fee. For the 2-year fixed rate deal rates were cut from 1.95% to 1.75% and for the 5-year fixed rate deal, rates were cut from 2.79% to 2.65%.
Andrew Mortlake, director of Coreco, said: “I think it shows the competitiveness in the buy-to-let market at the moment.
“We’ve seen residential rates increase last month or so but buy-to-let rates have held firm or reduced slightly, showing it’s still a battleground and there’s still a hunger from lenders to get that business in a market that’s shrunk.”
Kevin Purvey, director of Intermediaries, said: “We’re delighted to reduce rates across our buy-to-let 2, 3 and 5-year fixed ranges which feature competitive rates, LTVs from 50-75% and a standard valuation included up to £700.
“These products also include our remortgage transfer service forlandlords looking to move to a competitive fixed rate – something that’s definitely worth considering in this current climate of uncertainty.”