Coventry Building Society has recently reduced interest rates on a range of both its fixed and Flex for Term buy to let products for intermediaries, now offering the lowest ever buy to let fixed rate from the lender to date.
This extremely low rate comes in at 1.99%, down from 2.39%, and is a fixed product until January 2018 available for up to 65% loan to value (LTV). The Building Society has also cut overall rates from 3.3% to 2.85% for 75% LTV. Both products come with early repayment charges starting at 2% and 5% respectively.
Coventry Building Society is the latest lender to offer further flexibility along with unlimited overpayments for clients, which in turn, has produced a very beneficial buy to let range with highly competitive rates in comparison to the wider market.
The Building Society has also made further reductions to its Flex for Term range, with its 75% LTV product now reduced from 3.49% to a 2.95% rate, along with no early repayment charges and a £1,999 arrangement fee.
All of Coventry Building Society’s buy to let products come with no booking fee, and include a free valuation of up to £700 – proving even more reason to secure a great buy to let deal while rates remain so low.
In line with this, Virgin Money has recently reported that its gross mortgage lending has increased in leaps and bounds, by 38% in the first 9 months of 2015, due to its own commitments to the intermediary market.
In the 9 months to September 30th, gross lending increased by £5.5bn – up from £4bn over the same period last year – while net mortgage lending almost doubled to reach £2.6bn compared to £1.3bn in the same period of 2014.