Coventry for intermediaries is updating its residential affordability calculator and reducing its buy-to-let reference rates.
The broker-only lender says most residential applicants will be able to borrow more, subject to eligibility.
New rates include a five-year fix for purchase or remortgage applications at 4.5%, which previously came in at 4.75%.
The rate for two- and three-year fixes for remortgages with no additional borrowing now starts at 4.5%, down from 5%, while two- and three-year fixed and variable rate deals for purchase and remortgage with additional borrowing now start at 5.5%, down from 6.5% previously.
Last month the lender added a new functionality allowing brokers to submit more cases via its MSO platform.
Coventry Building Society head of intermediary relationships Jonathan Stinton says: “These affordability changes will give many people a welcome boost to their borrowing. Our online calculators have now been updated, so brokers can just tap in a few numbers and easily find out how much their clients can borrow.”
Elsewhere, Halifax Intermediaries has today announced an increase in rates across its five-year fixed rate products of up to 0.8%.
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