Coventry Building Society has announced that it will be temporarily suspending a range of its mortgage products as of 8pm on Wednesday, 31st May.
The forthcoming changes predominantly impact owner-occupied and buy-to-let new businesses.
For owner-occupied new businesses, all 2-, 3-, and 5-year fixed new business rates, featuring a £999 fee, are set to close.
This exclusion applies to offset, interest-only and offset interest-only rates. The society will also be closing all 2-, 3-, and 5-year fixed new business rates at 65% and 80% loan-to-value (LTV), and all 2- and 5-year fixed new business offset rates at 65% LTV.
With regard to buy-to-let (BTL) new businesses, all 2- and 5-year fixed BTL and portfolio BTL new business £1999 fee rates will be closed, along with all 2- and 5-year fixed BTL and portfolio BTL new business rates at 50% LTV.
However, Coventry Building Society reassured customers that existing rates for product transfers and further advances will not be impacted by these changes.
Katy Eatenton, mortgage & protection specialist at Lifetime Wealth Management, said: “Coventry won’t be the last lender to make such an announcement this week. As always, getting the right advice now is imperative for anyone considering obtaining a mortgage shortly.”
Justin Moy, managing director at EHF Mortgages, added: “This was not unexpected. What is good to see is the existing client range, for product transfers, has not been affected, so that is also a good sign of loyalty from the lender.”
