Kensington Mortgages has cut buy-to-let rates by up to 40 basis points, and Coventry for Intermediaries is cutting home costs by up to 15 basis points.
Kensington’s two-year fixed rate can be reduced by up to 15 basis points, and the five-year fixed rate can be reduced by up to 9 basis points.
The largest declines were seen in mixed-occupancy (HMO) and multi-unit freehold block (MUFB) housing products, with two-year repair volumes falling by as much as 40 basis points.
The changes apply to Kensington’s Prime and Core ranges.
Within Prime, two-year fixed loan-to-value 75% buy-to-let rates now start at 3.13% (including 5% fees), 3.8% (including 3% fees) and 5.34% (without fees).
Five-year fixed 75% LTV products are currently priced at 4.0% (with 3% fee) and 5.05% (without fee).
Kensington has also added new £1,499 fee options to its Prime buy-to-let range, including a two-year fixed rate of 4.85% and a five-year fixed rate of 4.9%, both with up to 75% LTV.
All Kensington buy-to-let products include a free valuation.
Meanwhile, in Coventry, two-, three- and five-year residential deals have eased, with product transfer pricing remaining in line with the lowest new business rates.
After the interest rate cut, the newly launched interest rates include: a two-year fixed rate of 4.53%, an LTV of 90%, and no fees for first-time buyers; a five-year fixed rate of 4.77%, an LTV of 95%, and a fee of £999 for home buyers.
Andy Bickers, commercial director at Kensington Mortgages, said: “Our latest price reductions further enhance the competitiveness of our BTL range, giving brokers and their clients access to some of the most attractively priced options on the market, including a new fee structure that offers real flexibility.
“But just as important as the rates is the certainty and support that underpins the Kensington experience, including our one-day turnaround for reviewing new applications and the ability to speak with one of our sales support staff within a minute.”
Jonathan Stinton, head of agency relations at Coventry Building Society, said: “We are delighted to have been able to reduce residential rates, with some of the biggest reductions for higher loan-to-value borrowers – every bit of support can make a real difference.
“Our product transfer rates are also aligned with our cheapest new business rates, so brokers can provide existing clients the same great value as clients coming to us for the first time. This is a great time for brokers to engage with clients and guide them to their next deal.”
