Coventry for intermediaries has slashed its buy-to-let fixed rates.
The lender has reduced rates across its two, three and five-year fixed rate buy-to-let range by up to 0.2 per cent.
The two-year fixed rate deal has dropped to 1.75 per cent from 1.95 per cent until the end of July 2020.
This is on a 75 per cent LTV with a £1,999 product fee.
The five-year fixed rate has been reduced to 2.65 per cent from 2.79 per cent.
This is until the end of January 2024 on a 75 per cent LTV deal with a £1,999 product fee.
Kevin Purvey, director of intermediaries for Coventry, said: "We are delighted to reduce rates across our buy-to-let two, three and five-year fixed ranges, which feature competitive rates, LTVs from 50 to 75 per cent and a standard valuation included up to £700.
"These products also include our remortgage transfer service for landlords looking to move to a competitive fixed rate – something that’s definitely worth considering in this current climate of uncertainty."
The changes have been welcomed by Carl Shave, director of Suffolk-based Just Mortgage Brokers, who said: "With some lenders reviewing and increasing their fixed rates it is very pleasing to see the Coventry bucking the trend and reducing the deals on their buy-to-let mortgages.
"It is perhaps a sign that they wish to increase their market share at this time, and the new rates on offer should look to put them among the reckoning. It is a change that buy-to-let investors will welcome when many buy-to-let mortgages come up for review this year."
aamina.zafar@ft.com
