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Coventry announces rate cuts

ended 25. October 2023

This morning, Coventry announced it is reducing rates across its residential and buy-to-let (portfolio) ranges (see screengrab, bottom), with the new rates going live Friday morning. Brokers welcomed the news, specifically the timing as a lot of 2-year fixed rates are due to mature in the fourth quarter. 

According to Peter Stamford, director at Alston-based Moor Mortgages: “Just in time for the festive season, Coventry BS is rolling back rates to where they were last summer. If you're one of the many who rushed to seal a two-year deal before Christmas 2021, now's the time to ring your adviser. Coventry's making a serious play for market share, and you could benefit.”

Emma Jones, managing director at Whenthebanksaysno.co.uk, also said this could benefit borrowers who locked into two-year fixes in the closing stages of 2021: “This is welcome news ahead of some of the Christmas maturities we will likely see due to the rush for Christmas completions back in 2021 for those who took two-year fixed rates. It’s a good time to check in with your adviser if you have an application in progress with Coventry BS to see if any of these new rates are available to you.”

Steven Hargreaves, mortgage and protection adviser at The Mortgage Co, added: "More good news on the mortgage front. Coventry are doing their best to grab their share of the mortgage market in quarter four. Let's hope these cuts start to stimulate the housing market. The current round of interest rate reductions mean rates are similar to the rates available at the end of June, before they increased sharply."

Justin Moy, managing director at Chelmsford-based EHF Mortgages, concluded: "Further cuts in fixed rates show exactly how competitive the mortgage market has become, with lenders reducing margins to increase their share of a small market. Coventry BS continue to be both proactive and competitive with their mortgage range, with a reprice across their whole range including offset deals. Long may it continue."

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Justin Moy
Managing Director at EHF Mortgages
Further cuts in fixed rates show exactly how competitive the mortgage market has become, with lenders reducing margins to increase their share of a small market. Coventry BS continue to be both proactive and competitive with their mortgage range, with a reprice across their whole range including offset deals. Long may it continue.
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Emma Jones
Managing Director at Whenthebanksaysno.co.uk
This is welcome news ahead of some of the Christmas maturities we will likely see due to the rush for Christmas completions back in 2021 for those who took two-year fixed rates. It’s a good time to check in with your adviser if you have an application in progress with Coventry BS to see if any of these new rates are available to you.
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Peter Stamford
Mortgage Expert at Stamford Home Finance
Just in time for the festive season, Coventry BS is rolling back rates to where they were last summer. If you're one of the many who rushed to seal a two-year deal before Christmas 2021, now's the time to ring your adviser. Coventry's making a serious play for market share, and you could benefit.
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Steven Hargreaves
Mortgage and Protection Adviser at The Mortgage Co
More good news on the mortgage front. Coventry are doing their best to grab their share of the mortgage market in quarter four. Let's hope these cuts start to stimulate the housing market. The current round of interest rate reductions mean rates are similar to the rates available at the end of June, before they increased sharply.