Coventry is the latest lender to announce fixed rate cuts of up to 26bps today, ending the week on a high for borrowers.

All fixed rates have been reduced by up to 26bps on owner occupied and end date have been extended for new and existing clients.

Ob buy-to-let all 2-year fixed purchase rates have been reduced by up to 25bps and all 5-year fixed rates by up to 18bps while all end dates have been extended.

And for existing customers all fixed rates have been reduced and end rates extended.

Brokers told Newspage that the mortgage market is starting to stabilise following the Budget, which is “good news for borrowers as the year draws to a close”.

SALES HAVE STARTED EARLY

Katy Eatenton, mortgage and protection specialist at Lifetime Wealth Management: “The Boxing Day sales have started already, with three majors lenders reducing rates.

“While not the biggest reduction we have ever seen, they are certain to attract last minute applications from those that were previously waiting to see what happens. There really is no time like the present in the current market.”

CHRISTMAS CHEER

Iain Swatton, director at Exemplar Financial Services: “Following NatWest and other lenders over the past week, Coventry has now joined the festive rate-cut trend. They’re healthy cuts too.

It’s a dose of Christmas cheer for borrowers, offering hope for a strong finish to 2024 and renewed confidence in the market heading into 2025.”

CHAPEAU TO COVENTRY

Emma Jones, managing director at Whenthebanksaysno.co.uk: “Chapeau to Coventry for these fairly chunky rate cuts.

“There is growing momentum in the number of mortgage rate decreases from lenders and that is good news for borrowers as the year draws to a close.”

STRONG STATEMENT

David Stirling, IFA at Mint Mortgages & Protection: “Coventry have started their Christmas sales early and are offering borrowers some real bargains.

“This is a strong statement from Coventry and, following cuts from other major lenders this week, optimism is growing that rates are trending downwards again. This should continue into 2025 now, offering those looking to fix more competition and less financial pain.”

CHRISTMAS CRACKER

Ranald Mitchell, director at Charwin Mortgages: “Coventry’s rate cuts are a Christmas cracker for borrowers, bringing some festive cheer.

“The mortgage market is settling like snow on a winter’s night, and with lenders trimming rates, we might just unwrap more surprises before Christmas.

“Forget ending the year on a high: ending the year on a ‘low’ is the gift borrowers really want.”

SHAKEN UP

Stephen Perkins, managing sirector at Yellow Brick Mortgages: “The dust is starting to settle, with swap rates now almost back to pre-Budget levels.

“More and more lenders are now unwinding recent mortgage rate increases.

“However, the true impact of the Budget is yet to be felt and, when it does hit, the market will be shaken up again.”

WELCOME GIFT

Rohit Kohli, director at The Mortgage Stop: “Coventry’s festive rate cuts are a welcome gift for borrowers, especially as we head into the holiday season. It’s a positive sign that the market is starting to stabilise post-Budget, and these reductions will bring much-needed cheer to those looking to secure a deal before Christmas.

“Let’s hope this trend isn’t just a seasonal special but continues into the New Year, giving borrowers more reasons to celebrate in 2025.”

REFRESHING CHANGE

Ben Perks, managing director at Orchard Financial Advisers: “More encouraging news for borrowers. This week has been a refreshing change from the past few weeks, with rates finally moving in the right direction.

“Hopefully this will continue into the new year. Many of these cuts will be lenders reducing to hit their lending targets for the year rather than a sign of an improving property market, but hopefully the improved optimism they bring will encourage buyers.”

FEELING CHEERY

Patricia McGirr, founder at Repossession Rescue Network: “As the festive season gets started Coventry gives borrowers something to feel cheery about.

“Let’s hope more lenders follow suit offering hope to beleaguered borrowers of a New Year to actually look forward to.”