Coventry BS and Dudley BS lower mortgage rates – round-up
Coventry Building Society has reduced select residential fixed mortgage rates by up to 0.28% for both new and existing borrowers.
The mortgage rate change from Coventry Building Society applies to two-, three- and five-year fixed rates between 65% and 95% loan to value (LTV).
This includes a two-year fix at 65% LTV with a £999 fee priced at 5.05%. This is available for remortgage, with the option of £350 cashback or the use of the mutual’s remortgage transfer legal service.
For first-time buyers, there is a fee-free product at 80% LTV, which is fixed for two years. This has a rate of 5.38%.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “We want to support our intermediary partners with competitive rates and standout service to make the process of sourcing and securing a new deal as straightforward as possible.
“Our latest set of rate reductions gives brokers a broad range of options to help their clients find a product [that] is right for them.”
Earlier today (24 May), it was announced that Coventry Building Society would be buying The Co-operative Bank.
Dudley BS reduces mortgage rates by up to 0.8%
Dudley Building Society will reduce residential, buy-to-let (BTL), holiday let, expat and self-build mortgage rates by as much as 0.8%.
Its two-year fixed rates have been lowered by 0.7% and now start at 5.69% for a deal up to 75% LTV and 5.99% up to 70% LTV.
Its residential discount for term rate for mortgages up to 75% LTV will be cut from 6.49% to 5.99%. Meanwhile, the residential interest-only discount for term rate up to 75% LTV will be reduced to 5.99%.
Dudley Building Society will also cut BTL two-year fixes to start from 6.15% up to 80% LTV, while the discount for term rate will be reduced to 6.25% up to 80% LTV.
The two-year fixed rate for holiday let will be cut to 6.15% up to 80% LTV, and the discount for term alternative will be lowered to 6.25%.
The two-year fixed rate for expat residential will go down to 6.25% up to 75% LTV, and 6.35% up to 80% LTV. The expat BTL two-year fixed rate will be reduced to 6.35% up to 80% LTV, while the expat holiday let rate will also be cut to 6.35% up to 80% LTV.
Dudley Building Society will consider applications from a wide range of countries and in over 160 currencies, and it can accept income from one foreign currency plus income derived in GBP.
Additionally, the mutual’s eco self-build discount for term (arrears) rate will be reduced to 6.34% up to 80% LTV.
The mutual will lend up to £1.5m across its expat residential range and up to £1m across its expat BTL and holiday let range, as well as its self-build products.
Robert Oliver, distribution director at Dudley Building Society, said: “We are excited to be making significant rate cuts across our mortgage range. These reductions, combined with our flexible and manual approach to underwriting and our dedication to maintaining our service levels, means we can support more brokers and their clients.
“This marks our second rate cut of the year as we continue to offer brokers competitively priced specialist mortgages.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
