Coventry Building Society will be launching new BTL products on Friday 28th July.
The lender will be closing current products at 8.00pm tomorrow, with the new products launching at 08.00am the following day.
The changes include reducing all two- and five-year fixed BTL and portfolio landlord rates, and increasing BTL Flexx fixed product transfer-only rates for existing customers.
Commenting on the changes, founder and director at R3 Mortgages Riz Malik, said: “It's encouraging to see a popular lender among brokers embracing the trend of lowering rates, and we can only hope that this triggers a domino effect across the rest of the mortgage industry.
“We all anxiously await the upcoming base rate announcement from the Bank of England, hoping for no unexpected surprises so the run of rate reductions can continue.
“For now, at least, things are looking brighter for borrowers.”
Justin Moy, MD at EHF Mortgages, also commented: “More great news from one of the key mortgage lenders, [which] is hopefully a dynamic that other lenders will follow.
“It will take time to see if this becomes an ongoing trend or a blip, but let's take advantage while we can.”
Craig Fish, director at Lodestone Mortgages & Protection, added: “More overdue good news for the UK mortgage industry after what feels like a long siesta.
“I expect similar news to arrive like buses for the rest of the week with more lenders making similar reductions.
“I do believe we need to tread with caution though and not get too overexcited while we await the next base rate announcement and inflation data, as that could change everything.”
Peter Stamford, director and lead investor at Moor Mortgages, also said: “[Lenders] give with one hand [and] take away with another — this is good news for new customers and bad news for existing ones.”
