Coventry for Intermediaries has cut rates across its range of buy-to-let fixed rate products.
New deals include a 2.99 per cent five-year fixed rate – reduced from 3.29 per cent – at 75 per cent loan-to-value (LTV) with a £1,999 arrangement fee.
There is also is a 3.39 per cent five-year fixed rate deal – reduced from 3.69 per cent - at 75 per cent LTV with a £999 arrangement fee.
There is also a 3.69 per cent five-year fixed rate mortgage – reduced from 3.99 per cent – at 75 per cent LTV with no arrangement fee.
Kevin Purvey, director of intermediaries at Coventry, said: “With continuing uncertainty in the market, our rate reductions mean that brokers can offer their clients the stability of a fixed monthly repayment at a highly competitive rate.
“In addition, all of our products are still booking fee free and include a valuation of up to £700 for buy-to-let mortgages.”
According to the Council of Mortgage Lenders’ latest market update, buy-to-let activity remains subdued.
This has been attributed to lenders tightening affordability criteria in anticipation of tax relief changes.
Mike Richards, director of London-based Mortgage Concepts Associates, said: “Lenders reducing rates is not going to help at all because the government has crucified buy-to-let.
“While an interest rate is one of the concerns, it is not the only concern.
"People have a finite amount of money for deposits and most people will have to pay 3 per cent extra stamp duty while lenders are increasing their stress rates.”
