Mortgage News
Coventry freezes SVR; Clydesdale withdraws select two-year fixes – round-up
Coventry Building Society said its standard variable rate will remain at 4.64 per cent despite the Bank of England base rate increase.
The mutual said its variable rate mortgage products were being reviewed and it would be writing to members to inform them of any changes.
Elsewhere, it increased the rate of its variable savings accounts by up to 0.25 per cent.
Matthew Carter, head of savings and mortgages at Coventry Building Society, said: “This underlines our commitment to maintaining a competitive long term position for savers. We consistently offer higher rates than the market average and last year we paid an additional £195m in interest to savers than if we’d simply paid the market average.
“And, through best buys and loyalty accounts, we offer a range of savings choices that reward our members for staying with us. We’re proud of our track record of offering long-term value to our members and we will continue to deliver excellent value for our savers.”
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Clydesdale pulls two-year fixes
Clydesdale Bank said it would be withdrawing some of its two-year fixed rate residential mortgages.
This includes its 75 per cent loan to value (LTV) two-year fixed capital and interest products with fee paying and fee-free options as well as its 80 per cent LTV fixed capital and interest products with fees.