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Santander and Coventry BS overhaul products including high LTV ranges

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  • 13/08/2020
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Santander and Coventry BS overhaul products including high LTV ranges
Santander and Coventry Building Society have made significant changes to their mortgage offerings with products being withdrawn and rates increased, as lenders continue to tackle service level challenges.

 

Santander

From 14 August Santander is increasing residential and buy-to-let rates by up to 0.3 per cent with residential product fees increasing by £350, from £649 to £999.

It is also withdrawing fee-free two- and five-year fixed rate products in the standard residential range – this includes the pair of fixes at 85 per cent loan to value (LTV).

The lender’s fee-paying 85 per cent LTV fixes are being increased by 0.3 per cent to 2.69 per cent and 2.99 per cent for the two-year and five-year respective deals.

Products at up to 75 per cent LTV are increasing by 0.25 per cent with 60 per cent LTV loans rising by 0.1 per cent and 0.15 per cent respectively.

All will see fees increased to £999.

Help to Buy loans at 60 per cent and 75 per cent LTV are seeing rates and fees increase, while the large loan range rates are rising by up to 0.25 per cent.

Finally, buy-to-let deals available at either 60 per cent LTV or 75 per cent LTV are increasing by up to 0.3 per cent.

 

Coventry Building Society

Meanwhile Coventry Building Society has also revised rates on its products up to 85 per cent LTV and removed some offset mortgages from sale.

The mutual now has a pair of offset deals available both with £999 product fees – a two-year fix at 1.53 per cent and a five-year fix at 1.8 per cent.

Its 85 per cent LTV range has a pair of two-year and five-year fixes, both with £0 fee and £999 fee options – the two-year deals are at 2.4 per cent and 2.65 per cent respectively, with the five-year versions at 2.5 per cent and 2.7 per cent respectively.

Coventry for Intermediaries’ head of intermediary relationships, Jonathan Stinton, said the lender had made a few changes to rates as it adapted to market conditions.

“These changes don’t alter the fact that we’re offering a broad range of competitive products, but they will help us to maintain an excellent level of service while we continue to support the market,” he said.

 

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