Multiple UK Lenders Cut Mortgage Rates Amid Market Cooling

Several lenders have recently reduced mortgage rates to support landlords and homebuyers amid a competitive and evolving market. Coventry Building Society lowered limited company buy-to-let rates by up to 0.19%, offering competitive 2-year and 5-year fixed rates with various loan-to-value options. State Bank of India (UK) cut buy-to-let mortgage rates by up to 90 basis points on some products and introduced flat fees for larger loans, emphasizing support for landlords and green lending initiatives. Major UK banks like Barclays and TSB have also slashed mortgage rates, with some deals dipping below 4%, intensifying competition as lenders seek to attract borrowers in a sluggish housing market. BM Solutions followed with reductions of up to 0.30% on 2-year and 5-year fixed buy-to-let products, including green options, aiming to provide more affordable financing. Overall, these rate cuts reflect lenders' efforts to ease borrowing costs for landlords and homebuyers while responding to recent market rate declines and increased competition.