Buy To Let Mortgages
Coventry to remove select owner-occupied and buy-to-let deals tomorrow
Coventry Building Society will take down select new business deals from its owner-occupied and buy-to-let offerings from 8pm tomorrow.
In a broker note, the lender said that no changes would be made to its owner-occupied or buy-to-let existing customer only deals, which includes product transfers and further advance rates.
On the owner-occupied side, it said that it would close all two, three and five-year fixed new business deals with £999 fee rates. This excludes offset, interest-only and offset interest-only deals.
The lender added that all two, three and five-year fixed new business rates at 65 and 80 per cent loan to value (LTV) will be taken down, along with all two and five-year fixed new business offset rates at 65 per cent LTV.
In its buy-to-let range, all two and five-year fixed buy-to-let and portfolio buy-to-let new business deals with £1,999 fee will be removed.
Coventry will also close all two and five-year fixed buy-to-let and portfolio buy-to-let new business rates at 50 per cent LTV.
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Several lenders have withdrawn deals in the past few days as expectations around inflation led to swap rates increasing faster than expected.
A spokesperson said: “We are temporarily withdrawing some of our new business products to protect our service in the light of current market volatility. We’ve given our usual 48 hours’ notice, and products for existing customers are still available.”