Coventry for Intermediaries has announced rate cuts across a range of its 70% loan-to-value (LTV) buy-to-let products, enabling brokers to offer buy-to-let mortgages at even cheaper rates.
Among the new deals, there is a 2.39% two-year fixed rate to 31 January 2019 at 70% LTV with early repayment charges (ECR) payable to that date and a £999 arrangement fee.
There is also is a new 3.09% five-year fixed rate to 31 January 2022 at 70% LTV with ECRs also payable and a £999 arrangement fee.
The buy-to-let mortgage market remains subdued following the introduction of the stamp duty surcharge earlier this year and the fact that lenders are offering more stringent affordability criteria in anticipation of tax relief changes from April 2017, but Coventry hopes that its latest rate cuts will help boost activity in the buy-to-let market.
Kevin Purvey, director of intermediaries at Coventry, which last month increased the age in which it will lend to buy-to-let investors to a maximum of 85 years, up from age 75, said: “These new additions mean that our buy-to-let portfolio is now even stronger, with competitive rates and a range of LTVs suitable for a variety of clients.
“Plus, all our products are booking fee free and include valuation of up to £700 for buy-to-let mortgages.”