Coventry and Metro join five-year fix battle

Coventry Intermediaries and Metro Bank have dived back into the mortgage price war by offering competitive five-year fixed rates.

Coventry has launched its lowest ever residential five-year fixed rate and cut rates on selected residential and buy-to-let products.

The residential deal charges 2.19% to 65% LTV until 30 June 2020, reduced from 2.29% with a £999 arrangement fee.

Coventry Intermediaries has also cut its five-year buy-to-let fixed rate from 4.05% to 3.49% at 65% LTV, with a £1,999 arrangement fee.

Darin Landon, distribution director, said: “As always, all of our products are booking fee free and all residential products include a valuation up to £670, or £700 for buy-to-let products.”

Metro Bank has also reduced rates on its residential five-year fixed rate mortgages.

For residential mortgages under £1.5 million, the new rates will be:

Five-year fix to 60% LTV, rates available at 2.29%

Five-year fix to 70% LTV, rates available at 2.49%

Five-year fix to 80% LTV, rates available at 2.79%

Five-year fix to 85% LTV, rates available at 3.19%

Paul Riseborough, managing director of customer propositions at Metro, said: “Following our strong Q1 2015 financial results, which revealed year-on-year growth in lending of 91%, we are now proud to be launching the next phase of growth for our mortgage proposition. “ 

Metro Bank underwrites mortgage applications on an individual basis to ensure that customers’ personal circumstances are taken into account.

New customers benefit from one single point of contact throughout the application process, and brokers can submit applications through the Metro Bank online mortgage portal.

Metro Bank does not sell bank assurance or insurance, allowing it to focus entirely on servicing the customer.