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Lenders move to refresh mortgage ranges

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Banks and building societies have moved to refresh their mortgage product ranges, amid increased competition in the market.

With remortgage levels at a post-recession high, many lenders have looked to reduce rates to ensnare more business.

Coventry Building Society is leading the way and has launched a two-year fix at 1.99%, this is available to borrowers with a 25% deposit.

Five-year fixes on offer from the mutual now include a 75% LTV at 2.79% and a 90% LTV at 3.79%.

Elsewhere, Barclays has launched a 1.53% two-year fix and a 2.33% five-year fix, both at 60% LTV.

Homemovers looking to fix for ten years can access TSB’s 90% loan-to-value product, which has been cut from 4.94% to 4.44%. The 85% loan-to-value equivalent has also been reduced, from 4.19% to 4.09%.

However, it was not all good news for borrowers, with many lenders moving to increase rates ahead of predicted base rate rises.

At TSB its 60% LTV rates have been upped from 3.19% to 3.34% while 75% LTV rates have been raised from 3.39% to 3.49%. In addition its 80% LTV rates have climbed from 3.74% to 3.79%.

NatWest has also followed suit, increasing rates by as much as 0.14% across both its fixed and tracker range.

NatWest’s Paul Kane said: “Despite these small increases, our deals still represent great value. We are committed to offering a competitive product range so I am pleased to report that all our other rates remain unchanged.”

Darin Landon, distribution director at Coventry Building Society, said: “We’re delighted to reduce rates across our residential range of mortgages, with a variety of LTVs, a range of arrangement fee options and the stability of a fixed rate.”

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