Christmas comes early for potential BTL landlords

Coventry Intermediaries has waived its £250 booking fee on buy-to-let mortgages, Kevin Purvey has said.

The offer will be in place for a limited period as an early Christmas present, according to Mr Purvey, Coventry Building Society’s head of intermediaries.

He said that earlier this month the lender announced it was waiving the fee on its residential range, adding: “We have decided to extend this early Christmas present to all buy-to-let investors.

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“With a range of options, including fixed rates with no early repayment charges and our ever-popular Flexx-for-Term products starting from just 2.55 per cent, there has never been a better time to do business with the Coventry.”

Last month Coventry Intermediaries removed its £199 booking fee on residential and offset product ranges.

In October the firm launched new residential mortgage rates of just 1.85 per cent for 65 per cent loan to value.

Coventry Intermediaries operates across two brands, Coventry Building Society and Godiva Mortgages.

Adviser view

Calvin Oram, a partner in West Midlands-based Oak Tree Mortgages, said: “I think waiving the fee is a good idea.

“One of the issues when people are looking to remortgage or buy-to-let is that the cost seems quite high.

“With some lenders you have to pay for a valuation of the property and legal fees, and it leads to inertia.”