Coventry Building Society announced this morning that it will be increasing rates on selected products.
As part of the lender’s commitment to provide 48 hours notice ahead of product closures, the affected products will cease to be available as of 8 pm on Monday, June 19th.
The announcement also revealed plans for launching a new line of products at 8 am on Tuesday, June 20th.
The changes affect both residential and buy-to-let (BTL) categories. In the residential bracket, the adjustment will see all Green Further Advance rates increase.
In the BTL category, Coventry is set to raise all BTL and Portfolio BTL Green Further Advance rates.
Reaction
Rob Gill, managing director at Altura Mortgage Finance:
“The Coventry deserve a huge amount of credit for consistently honouring their pledge to give two days’ notice ahead of any rate changes. From the early panic of the pandemic through to the outright chaos of the mini-Budget and the turbulence we’re seeing at the moment, this pledge from Coventry is a massive benefit to borrowers, brokers and no doubt their own staff.”
Justin Moy, managing director at EHF Mortgages:
“These are the products that didn’t change during the week, so this is an inevitable catch-up from the lender, and to be honest will affect very few clients.
“There are more significant issues currently than Green Further Advances within the mortgage market. Still, Coventry Building Society give us 48 hours’ notice, which is always to be applauded.”
Riz Malik, founder & director at R3 Mortgages:
“The two days’ notice commitment made by Coventry is held in high regard by brokers nationwide and is deemed a model of excellence for the mortgage industry.
“That is why the #24hourpledge is something we are encouraging all UK mortgage lenders to adopt. It remains unclear to many of us why a lender such as Coventry can provide a 48-hour notice period when withdrawing mortgage deals, while others, including a number of high street lenders, only offer a few hours’ notice.”
