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Coventry reduces rates by up to 53bps and are "the latest lender to give their rates a hard trim this week"

ended 27. September 2024

Coventry for Intermediaries has this morning announced it has reduced all its residential rates for both purchase and remortgage products by up to 27bps. It has also reduced Offset, Interest-only and Offset Interest-only products by up to 53bps. Newspage asked brokers for their views, below.

9 responses from the Newspage community

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David Stirling
Independent Financial Advisor at Mint Wealth
Coventry are the latest lender to give their rates a hard trim this week. This should see them keep pace with the competition. It's always welcome news on a Friday to be able to offer borrowers better deals. With Coventry one of the last remaining offset mortgage providers, this helps keep that particular product, which is underused, relevant for borrowers. Chapeau, Coventry.
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Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
These are mind blowing rates. Coventry has really opened up the competition with this latest announcement. They've just blown the doors off offset.
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Michelle Lawson
Director at Lawson Financial
A welcome chunky reduction from Coventry today, which pays particular attention to the lesser spotted offset mortgage. A great end to a week of surging rate cuts.
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Simon Bridgland
Director at Charwin Private Clients
Coventry are proving it’s still game on in the mortgage world as they issue further cuts to entice borrowers, eager to scoop up business before the end of 2024. The rate cuts just keep coming.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
Coventry has come out with a seriously bold move with rate cuts of up to 53bps on offset, interest-only, and residential mortgages. In a market with limited competition for offset products, this significant drop could spark new interest and offer borrowers exciting opportunities.
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Craig Fish
Director at Lodestone Mortgages
Lenders just keep giving and these reductions from Coventry are appealing, particularly for those with interest-only mortgages and for those that have significant savings that they are using as an offset. Coventry are one of the main offset lenders so this is fantastic news for this part of the mortgage market.
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Dariusz Karpowicz
Director at Albion Financial Advice
Another day, another rate cut! Coventry kicks off the morning with reductions of up to 53bps—now that’s the kind of news we could get used to. It seems like every lender is joining the race to lower rates lately. The big question is, how low can they actually go?
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Justin Moy
Managing Director at EHF Mortgages
This is an excellent move by the Coventry, not only in keeping up with the recent High Street rate cuts but to also reprice their popular offset range, an excellent opportunity to use savings and reduce mortgage costs. Rates have been poor until now and hard to justify but this is a big step in the right direction.
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Gabriel McKeown
Head of Macroeconomics at Sad Rabbit - Substack Newsletter
The mortgage battlefield is erupting into a full-scale pricing blitzkrieg. These sweeping reductions from Coventry could herald a new era of affordability for homebuyers, with more substantial cuts of up to 53bps. These strategic cuts by CBS are emblematic of a broader shift in the lending landscape, as lenders jockey for position amidst more favourable borrowing conditions and intensifying competition. The consistent decline in swap rates over recent months, driven by improving economic indicators and waning inflation expectations, has given lenders the latitude to offer more competitive rates. Consequently, the combination of falling rates, growing market confidence, and pent-up demand could lead to a surge in property transactions as we approach the end of 2024. As Coventry slashes rates again, the keys to homeownership may be jingling in more pockets across Britain as the rate-cut train shows no sign of losing momentum.