Copy article

Coventry BS - Reduced Rates

Journalist: Newsteam, Newsteam

ended 02. February 2024

Coventry supporting your residential and Buy to Let clients

As we continue to support your clients in their home ownership journey, we’ve made reductions to selected residential fixed rates. These changes offer options for your clients who are looking to purchase or remortgage, as well as those ready to product transfer.

We’re supporting your Buy to Let and portfolio landlord clients too, with reductions across all fixed rate products.

Range Highlights:

Buy to Let 5 Year Fixed
Rate
4.26%		LTV
65%		Fee
£1,999
  • Fixed until 31.08.2029
  • ERCs until 31.08.2029
  • Available for remortgage
  • RMTS or remortgage £350 cashback available
 
Residential 2 Year Fixed
Rate
5.14%		LTV
90%		Fee
£0
  • Fixed until 31.08.2026
  • ERCs until 31.08.2026
  • Available to first time buyers
  • Including £500 cashback
 
  • How do these rates compare with the open market ?
  • With BOE hold decision yesterday, and Nationwide increasing rates, will these deals be on the market for long ?
  • Is the the pricing for reductions more competitve for purchases or remortgages ?

7 responses from the Newspage community

Copy all

Copy

Editor
Justin Moy
Managing Director at EHF Mortgages
Announced earlier in the week but great to see the specific rates launched, Coventry BS continue to support a wide range of borrowers, and their improved low Deposit options for First Time Buyers show their commitment to getting the housing market moving in 2024. Landlords have seen a significant improvement in pricing in the last few months, and those who were looking to sell their investments perhaps need to think again.
Copy

Editor
Darryl Dhoffer
Founder at The Mortgage Geezer
With the BOE holding the handbrake on base rates, all eyes will be on how SONIA Swaps react over the coming days, and as a consequence how lenders will look to reprice their products. Welcome news from The Coventry, however, snooze and you may lose these deals.
Copy

Editor
Stephen Perkins
Managing Director at Yellow Brick Mortgages
These rate reductions are a good indicator that whilst some lenders are pricing up due to service levels, the downward overall movement of mortgage rates continues supported by yesterdays Bank of England hold decision and indications that base rate reductions may happen sooner rather than later.
Copy

Editor
Rohit Kohli
Director at The Mortgage Stop
After yesterdays Bank of Englands decision offering further stability in the base rate its positive to see the detaisl of the products that Coventry announced earlier this week. They continue to take pragmatic approach to not just the interets rates but also the fees for the product with some potentially good options if your circumstances fit.
Copy

Platinum
Elliott Culley
Director at Switch Mortgage Finance
Whilst one lender increases their rates, there will always be others waiting in the wings ready to jump into the space vacated. It's important there is a range of options available to borrower's at this current time and rate reductions are always a welcome sight.
Copy

Gary Bush
Financial Adviser at MortgageShop.com
The Bank of England wisely holding the base rate in their meeting on Thursday was clearly going to fire up UK mortgage lenders to re-enter the fixed mortgage rate price war - Coventry Building Society has been very quick to react and drop their fixed rates further. The mortgage rate war between lenders, which has been raging for at least 6 months now, marches on and we expect more lenders to follow with reductions. Watch this space.
Copy

Richard Jennings CeMAP
Founder & Managing Director at Richard Jennings Mortgage Services
This is a great move by Coventry fresh off the back of Nationwides rate increases and the base rate holding. It shows their desire to continue to lend. at close to %% at 90% loan to value and incorporating £500 cashback this is further evidence lenders, on the large part, are keen to stimulate the housing and mortgage markets.