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Coventry rate reductions - 1 Sept 2023

ended 30. August 2023

Coventry has this morning announced rate cuts, which will go live at 8am on Friday 1st September (see screengrab). Free UK news agency, Newspage, sought the views of brokers, which can be found below.

5 responses from the Newspage community

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Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
These reductions from the Coventry are great news and show that lenders really are trying to keep the mortgage and property market moving, despite the numerous headwinds. Aside from Accord raising its buy-to-let product transfer rates yesterday, there haven't been any rate rise notifications in well over four weeks. Hopefully, this will be a continuing trend for the foreseeable future.
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Graham Cox
Director at Bridging Hub
More good news for mortgage borrowers with Coventry reducing their rates, including at higher loan-to-values. With UK swap rates falling, the outlook, if not exactly rosy, is at least a tinge of pink.
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Riz Malik
Independent Financial Adviser at R3 Wealth
Coventry joins the other lenders eager to inject life into the residential and buy-to-let markets with these welcome rate reductions. They won’t stimulate wholesale activity on their own but they will certainly add to the downward momentum in pricing we're currently seeing.
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Peter Stamford
Mortgage Expert at Stamford Home Finance
Coventry's rate reductions are a positive sign, indicating lenders' commitment to sustaining the property market. Notably, with few rate hikes and falling UK swap rates, the outlook appears cautiously optimistic. Such steps, while not transformative alone, certainly support the present trend of favourable pricing in both residential and buy-to-let sectors.
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Anil Mistry
Director and Mortgage Broker at RNR Mortgage Solutions
It's great to see another lender on the high street joining others in lowering their interest rates. This boosts confidence among both borrowers and brokers, showing that lenders are open for business. With swap rates going down recently, we hope that more banks will follow Coventry Building Society's example.