Coventry this morning announced it has updated its range saying that they have reduced all BTL and portfolio landlord fixed rate products by up to 1%, introduced a competitive range of 80% LTV residential products and reduced all new business standard fixed rates across 65%-75% LTV.
Katy Eatenton, Mortgage & Protection Specialist at Lifetime Wealth Management: “This is really positive news for the mortgage market. Even with base rate uncertainty and the unexpected rise in inflation, lenders are still wanting to lend. The buy-to-let market is looking better than it has in the past six months, although there’s still a way to go to enable higher LTV borrowing, especially in London and the South East.”
Jamie Alexander, Mortgage Director at Alexander Southwell Mortgage Services: “This is welcomed and excellent news. Before the mini-Budget, Coventry was one of our most used lenders for buy-to-let mortgages. With such a large drop, this will 100% make them more competitive in the market again. It’s also a very positive move for the residential market as well, with Coventry specialising in the limited company director sector this will provide excellent lower-cost options for many more clients.”
Gary Boakes, Director at Verve Financial: “This is great news, and we have seen some positive moves in the BTL market over the past few weeks, There’s still a long way to go before we see the buy-to-let market recover, though. Hopefully, the rates coming down at 80%-65% LTV will start to convince people to start putting their properties on the market as it is not likely to be a benefit to first-time buyers.”