Coventry for Intermediaries will be reducing its BTL five-year fixed rates from 8am on Thursday 17th August.
The current 65% LTV new business rates available for BTL and portfolio BTL landlords will be closing as of 8pm tomorrow, with new rates for these products announced the following day.
Ranald Mitchell, director at Charwin Private Clients, commented: “Coventry BS has made some notable reductions in rates, which is fantastic news for borrowers and brokers alike.
“The mortgage arena is heating up, creating a competitive environment that has been sadly lacking when rates were at their lowest.
“Lenders need market share and now they must fight for it.”
Lewis Shaw, owner and mortgage expert at Shaw Financial Services, said: “As [one of] the UK's largest building societies, this will put more pressure on middle-table mortgage lenders to get in on the action while they can.”
While some of the responses are positive, there is some hesitance in relation to this week’s inflation data, as Lewis added: “The worry is that all recent rate reductions could be unwound if Wednesday's inflation data disappoints.
“It's now all eyes on big Wednesday to see what's in store for us and tomorrow could be the turning point for better or for worse.”
Darryl Dhoffer, mortgage specialist at The Mortgage Expert, agreed: “This is positive news, but let's see what inflation figures get reported before we all rock off to the afterparty.”
