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TODAY'S OTHER NEWS

Coventry and Co-operative unveil new rates

Coventry Building Society and The Co-operative Bank have both launched competitive new mortgage deals.

Coventry has reduced the rate on its residential and buy-to-let mortgages, while the Co-operative has launched two new fixed rates to 90% LTV.

Coventry has reduced interest rates on its residential mortgages at 90% LTV and buy-to-let at 75% LTV.

These include two-year fixed, five-year fixed and Flexx for Term products.

The five-year fix runs until 31 March 2021 and charges 3.15% to 90% LTV, with a £999 arrangement fee. It has been reduced from 3.35%.

Coventry's buy-to-let deal charges 2.55% (down from 2.95%) to 75% LTV, with no ERCs payable and a £1,999 arrangement fee.

Darin Landon, distribution director, said the deals have a variety of fee options. “Plus all of our products are booking fee free and include a valuation of up to £670 for residential and £700 for buy-to-let.”

The Co-operative Bank has reduced rates across its two, three and five-year 90% LTV deals by up to 0.20%.

Its two-year fix charges 2.14% to 90% LTV with a £1,499 fee.

The three-year fix charges 2.89% and the five-year fixed rate charges 3.24%, both to 90% LTV with a £1,499 fee.

The Co-operative has also cut rates across all of its two, three and five year fee-free deals by 0.20%.

Two-year fixed rate mortgages start from 2.14%, three-year fixes from 2.64% and five-year fixes from 2.79%, for deals at 60% LTV.

Head of mortgages Stuart Beattie said the high LTV deals are ideally suited for first-time buyers.

“We maintain our commitment to offer competitively priced products to customers at all stages of the home buying process.”

The Co-operative Bank’s current account customers get £250 cashback on all products. The lender also offers free valuation and legals on remortgages up to £500,000.

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