New buy to let rates launched by Coventry and Metro Bank

Coventry for Intermediaries has launched its lowest ever buy to let mortgage rate, while Metro Bank introduces a range for portfolios

Coventry has reduced pricing across its Fixed and Flexx for Term buy to let product ranges which includes a 1.99%, its lowest yet.

The 1.99% product is fixed until 31 January 2018 and is available up to 65% LTV. Coventry’s 75% LTV buy to let rate has also been cut from 3.39% to 2.85%.

The building society’s Flexx for Term range of products is also benefitting from reduced rates.

Its 75% LTV product now stands at 2.95% (reduced from 3.49%). The product carries a £1,999 arrangement fee and no early repayment charges, although it does allow borrowers to make certain over-payments .

Darin Landon, distribution director at Coventry BS said:

“As always, all of our buy to let products are booking fee free and include a valuation of up to £700, so this is the perfect time to secure a great buy to let deal with a highly competitive rate for your clients.”

Meanwhile, Metro Bank has unveiled a new Portfolio Buy to Let range which is available to professional landlords.

There is no cap on the size of the portfolio although customers can have a maximum of 25 mortgage properties with Metro Bank itself. Loans are available up to £5m.

Rates start at 4.09% for a two-year tracker, and there is a three-year tracker at 4.49% and a four-year fixed rate at 4.79%.

The standard minimum single loan size per property is £250,000 although applications below this amount can be referred to Metro Bank’s commercial team for consideration.

In addition to personal borrowers Metro Bank welcomes limited companies and its products are available on an interest only basis. Metro Bank operates mainly in the South East although it will consider lending on property throughout England and Wales.

Visit Metro Bank's lender page here

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