Coventry for Intermediaries to close products ahead of rate increases
Offset fixed rates set to rise for existing residential borrowers from 26th March.
Coventry for Intermediaries has announced product closures effective from 8pm on Thursday 26th March, with new products set to launch the following morning.
The lender said applications must be fully submitted before the deadline to secure current product terms, applying to both new business and product transfer cases.
Changes will affect existing residential borrowers, with all offset and interest-only offset fixed rates set to increase, while no changes will be made for new residential borrowers.
There are also no changes across buy-to-let and limited company buy-to-let ranges for either new or existing borrowers.
In a note to brokers Coventry said pending product transfer paper applications must be signed and returned within 48 hours of the illustration date, adding that no other changes have been made to its product range.
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