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"Out of sync" mortgage market sees Coventry cut rates while Accord increases selected rates

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ended 26. March 2024

Yesterday was another “wacky” one in the mortgage world, brokers have said, with some lenders, such as Coventry, Gen H and Leeds cutting rates and others — specifically Accord Mortgages — raising selected rates. Newspage asked a selection of brokers what's going on. Their views are below.

4 responses from the Newspage community

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Ben Perks
Managing Director at Orchard Financial Advisers
More mortgage market mayhem. With Coventry reducing and Accord increasing within hours it shows how volatile the mortgage market is. It’s tricky to advise borrowers when rates are moving so out of sync. Bring back January’s rate war.
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Gary Bush
Financial Adviser at MortgageShop.com
Now over to the wacky world of UK mortgage lending where two major lenders are changing their rates, one up, the other down. It beggars belief. We had Coventry Building Society following its counterpart Leeds in reducing its rates yesterday, but Accord Mortgages, a division of Yorkshire Building Society, has increased its rates for existing borrowers in a move that can only be seen as them prioritising new customers over their existing loyal account holders. Acts like this deserve financial regulator scrutiny as it's clearly tactical and exactly the kind of behaviour the industry needs to stamp out.
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Darryl Dhoffer
Founder at The Mortgage Geezer
When a borrowers says to you, "The Honda Accord is more reliable then Accord Mortgages at present", you have to wonder. Why are rates increasing when swap rates have cooled? More importantly, notification that mortgage rates are being withdrawn with 1.5hrs notice in a normal working day is not the Easter Surprise any borrower wants.
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Rohit Kohli
Director at The Mortgage Stop
From Leeds to Coventry, it looks like mortgage rates have resumed their flight south, with the exception of Accord who seem to want to increase rates for existing borrowers. This is surprising and I can only assume it’s to do with business levels at the moment.