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Coventry BS updates rates

ended 15. August 2023

Coventry for Intermediaries has announced it is updating its rates - see screengrab. Free UK news agency, Newspage, sought the views of brokers, which can be found below.

7 responses from the Newspage community

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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Another domino rate reduction. The rate war rages on, with homeowners and would-be-buyers cheering from the sidelines. Great news indeed from the Coventry.
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Darryl Dhoffer
Founder at The Mortgage Geezer
This is positive news but let's see what inflation figures get reported on Wednesday before we all rock off to the afterparty. Seeing lenders actively coming back to the party as they are right now reminds me of getting a wristband at a gig. When it gets too hot they can always pop outside for some air, and when they know they are missing out on a banger, they flash the wrist band and back in they come.
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Ranald Mitchell
Director at Charwin Mortgages
Coventry Building Society has made some notable reductions in rates, which is fantastic news for borrowers and brokers alike. The mortgage arena is heating up, creating a competitive environment that has been sadly lacking when rates were at their lowest. Lenders need market share and now they must fight for it.
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Justin Moy
Managing Director at EHF Mortgages
Coventry BS has taken a slightly different view to other lenders that repriced on Monday, concentrating their rate reductions on the mid-range of products that will appeal to the majority of its target market. With a reduction so close to the key inflation data this week, it suggests that we may have some stability in products for a while, but as we know the wind can change direction very quickly. But when you have mortgage lenders moving in different directions, this highlights the importance of using a mortgage broker to advise you on your best options.
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Lewis Shaw
Owner and Mortgage Expert at Shaw Financial Services
It's great to see Coventry reducing rates. As the UK's second-largest building society, this will put more pressure on middle-table mortgage lenders to get in on the action while they can. However, the worry is that all recent rate reductions could be unwound if Wednesday's inflation data disappoints. It's now all eyes on Big Wednesday to see what's in store for us and tomorrow could be the turning point for better or for worse.
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Peter Stamford
Mortgage Expert at Stamford Home Finance
Coventry Building Society's recent rate reductions highlight the evolving dynamics in the mortgage market. As the UK's second-largest building society, their decision could influence other lenders. While this is a noteworthy development for homeowners and potential buyers, we must remain cautious and await Wednesday's inflation data. In this fluctuating market, lenders can rapidly adjust their strategies based on prevailing conditions.
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James Miles
Director - Mortgage Adviser at The Mortgage Quarter
A further scramble to readjust their pricing is welcomed and relieves some stress from the rate hikes. Let’s not get carried away as the inflation news this week will be pivotal to see what happens over the next month. With lenders rates changing daily borrowers need to be in talks with the their broker to keep their finger on the pulse