MortgagesNov 17 2015

Coventry launches lowest ever buy-to-let fixed rate

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Coventry launches lowest ever buy-to-let fixed rate

Coventry for Intermediaries has reduced interest rates across its buy-to-let range of two and five-year fixed and Flexx for Term products.

Available from today (17 November), the building society is offering a buy-to-let deal at 1.99 per cent - down from 2.39 per cent - until 31 January 2018 for up to 65 per cent loan-to-value and with a £1,999 arrangement fee.

There is a 2.85 per cent - reduced from 3.39 per cent - fixed rate deal until the same date, at 75 per cent LTV, also with a £1,999 arrangement fee. Early repayment charges apply to both.

A 2.95 per cent - reduced from 3.49 per cent - Flexx for Term deal is also available up to 75 per cent LTV with no ERCs and a £1,999 arrangement fee.

The buy-to-let products are booking fee free and include a valuation of up to £700.

David Hollingworth, associate director of London & Country Mortgages, said that Coventry Building Society has established itself as a “major player” in the buy-to-let space, with the depth of the cuts showing just how competitive the market is at the moment.

“The two-year fix at 1.99 per cent isn’t quite as low as rates from Virgin Money and Accord but it does score in several areas.

“Although the fee is chunky, it is a flat fee of £1,999 and the deal comes with the additional incentives of a free valuation and free legal work for remortgages that we’ve come to expect from Coventry.”