Mortgage News
Coventry BS makes rate cuts
Coventry Building Society has lowered rates across its mortgage range, bucking the trend of increased pricing seen in the last few weeks.
Coventry Building Society is reducing select fixed rates across two-, three- and five-year products up to 75 per cent loan to value (LTV) for both purchase and remortgage, either with a fee or with no fee.
Rate cuts have also been applied to its two- and five-year fixed interest-only and offset mortgages.
No changes have been made to mortgages for existing residential borrowers.
For new buy-to-let (BTL) borrowers, the mutual is reducing all its two-year fixed purchase, fee-free remortgage and five-year fixed rates.
The changes will apply from 8pm on 14 March.
Aldermore Insights with Jon Cooper: Edition 10 – The biggest barrier to homeownership isn’t affordability. It’s outdated lending.
Sponsored by Aldermore
Nick Mendes, mortgage technical manager at John Charcol, said: This latest reprice from Coventry Building Society is welcomed news considering the current typical rate increase notification from lenders in the past few weeks.
“But to keep it in perspective, Coventry Building Society doesn’t sit within the best buys, so any reprice is unlikely to change the dynamics amongst the leading rates.”
This follows weeks of rate changes made by lenders, with many increasing mortgage pricing and some select making reductions.
Just this week, Santander, Co-operative Bank and Natwest were among the larger lenders that made increases to their mortgage pricing.