Coventry launches 3-year products for ‘mid-term certainty’

Coventry for Intermediates launched a range of three-year fixed-rate mortgages in response to the need for “medium-term certainty” in the face of rising interest rates.

Coventry Building Society’s broker-only arm says the range will match corresponding rates in its two-year product range and comes after “broker feedback suggests growing client demand for medium-term certainty”.

He says highlights among new loans include a 75% LTV three yearsear to fix, at 28 February 2026, at 3.77%, with a Product fee of £999.

And an LTV of 65% five-year to fix rate, at 29 February 2029, at 3.72%, with a Product fee of £999.

Last week, medium youthree years to fixare statement of 5basis points at 4.83%, according to Moneyfacts.

The two-year average fixes hit their highest level last week, up 30 basis points to 4.53%, according to the data firm. A 10-year fix wasn’t too far behind, pushing up by 27 basis points to 4.62%, while the average rate for a five-year fixed rate increased by 18 basis points to 4.54%.

These rate hikes come after the bank of england survey the base base rate by 50 basis points to 1.75% last month, its biggest rise since 1995, which took the base rate to a new 40-year high. This is the sixth rate hike since last December.

The unit reserved for mutual insurance brokers also says he cut selected of them and five-year rresidence rate up to 23 basis points, including its ohoffset range. He adds that selected In interest rates only have been lowered up to 26bps, while Standard buy to rent rates are down up to 32bps.

Previous Feature: Guide first-time buyers through tough times
Next Second charge watch: an interesting alternative