Coventry BS rate changes 28 July
Coventry this morning announced rate changes and will be launching the new products at 8am Friday 28 July. UK newswire, Newspage, asked brokers for their thoughts, which can be found below.
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Some more good news on the mortgage front. It's great to see lenders like Coventry following HSBC and Accord by dropping interest rates, and let's hope we see more competitive pricing in the near future. It's early days, but with inflation starting to edge down I think mortgage holders and first-time buyers can start to gain a little confidence again.
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It's encouraging to see a popular lender among brokers embracing the trend of lowering rates, and we can only hope that this triggers a domino effect across the rest of the mortgage industry. We all anxiously await the upcoming base rate announcement from the Bank of England, hoping for no unexpected surprises so the run of rate reductions can continue. For now at least, things are looking brighter for borrowers.
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More overdue good news for the UK mortgage industry after what feels like a long siesta. I expect similar news to arrive like buses for the rest of the week with more lenders making similar reductions. I do believe we need to tread with caution though and not get too overexcited whilst we await the next base rate announcement from the Monetary Policy Committee and the eagerly awaited inflation data, as that could change everything.
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We're starting to see the main lenders reduce rates now and this is further welcome news. It will bring some relief to borrowers who are very stressed about where their mortgage payments are going. Existing Coventry customers whose rates are about to end I am sure will be perplexed about why rates for them are increasing and I would urge them to shop around. All eyes are on next Thursday now to see what the Bank of England does. My fingers are crossed for some stability but I think inflation still needs to come down further before we see an end to rate rises from Threadneedle Street.
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More great news from one of the key mortgage lenders and, importantly, across both residential and buy-to-let products. This is hopefully a dynamic that other lenders will follow. Clearly, it will take time to see if this becomes an ongoing trend or a blip, but let's take advantage while we can.
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Lenders, please don't make us wait for rate reductions. Get those out now and give us breathing space on rate increases. Some of us leave for a holiday on Friday.
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They give with one hand they take away with another. This is good news for new customers and bad news for existing ones.
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Coventry, who are one of the more progressive lenders, are following hot on the heels of HSBC in reducing their fixed rate mortgages. This is hugely welcome news, and it's likely other major lenders will follow suit over the coming days and weeks. Nevertheless, rates remain very high and will need to fall much further to significantly ease the pain for borrowers.
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After months of rates only going one way, it’s refreshing to see the likes of Coventry BS, HSBC, Accord and Platform reducing theirs. Let’s hope we get an influx of other lenders following suit. Homeowners still need to be aware that they’re likely to face significant rate increases from what they’ve become accustomed to when they come to remortgage. Whilst these rate reductions are welcomed, it’s still only a drop in the ocean.