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Coventry announces selected rate increases

ended 16. June 2023

This morning, Coventry announced it is increasing selected rates: “However, In line with our commitment to give you two days’ notice of product closures, we will be closing products at 8pm Monday 19 June. We will be launching new products at 8am Tuesday 20 June.”

Here’s what’s changing:

Residential (further advances)

  • Increasing all Green Further Advance rates

Buy to Let (further advances)

  • Increasing all BTL and Portfolio BTL Green Further Advance rates

UK newswire, Newspage, asked brokers for their views, below.

3 responses from the Newspage community

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Rob Gill
Managing Director at Altura Mortgage Finance
The Coventry deserve a huge amount of credit for consistently honouring their pledge to give two days' notice ahead of any rate changes. From the early panic of the pandemic through to the outright chaos of the mini-Budget and the turbulence we're seeing at the moment, this pledge from Coventry is a massive benefit to borrowers, brokers and no doubt their own staff.
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Justin Moy
Managing Director at EHF Mortgages
These are the products that didn't change during the week, so this is an inevitable catch-up from the lender, and to be honest will affect very few clients. There are more significant issues currently than Green Further Advances within the mortgage market. Still, Coventry Building Society give us 48 hours' notice, which is always to be applauded.
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Riz Malik
Independent Financial Adviser at R3 Wealth
The two days' notice commitment made by Coventry is held in high regard by brokers nationwide and is deemed a model of excellence for the mortgage industry. That is why the #24hourpledge is something we are encouraging all UK mortgage lenders to adopt. It remains unclear to many of us why a lender such as Coventry can provide a 48-hour notice period when withdrawing mortgage deals, while others, including a number of high street lenders, only offer a few hours' notice.