Coventry for intermediaries launches 3-year loans

The broker-only arm of Coventry Building Society says the range will match the corresponding rates in its range of two-year products and comes after “feedback from brokers suggested growing demand from clients for mid-term certainty”.

It says highlights among the new loans include a 75% LTV three-year fix, to 28 February 2026, at 3.77%, with a £999 product fee.

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

Last week, average three-year fixes lifted by 5bps to 4.83%, according to Moneyfacts.

Average two-year fixes climbed the highest last week, by 30bps to 4.53%, says the data firm. A 10-year fix was not too far behind, pushing up by 27 basis points to 4.62%, while the average rate for a five-year fix rose by 18 basis points, to 4.54%.

These rate rises come after the Bank of England lifted the base rate by 50 basis points to 1.75% last month, its biggest hike since 1995, which raised the base rate to a fresh 40-year high. It was the sixth rate rise since last December.

The mutual’s broker-only unit also says it has cut selected two and five-year residential rates by up to 23bps, including its offset range. It adds that selected interest-only rates have been lowered by up to 26bps, while standard buy-to-let rates are down by up to 32bps.

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