In a broker note, the lender said that it would be relaunching the new business range at 8am on Friday, with a maximum loan to value (LTV) of 95 per cent for residential products and 75 per cent LTV for buy to let.
The mutual added that it would be closing current existing customer products at 8pm on Thursday 11 August, and that these would also be relaunched at 8am on Friday 12 August.
Coventry said that the changes would include increased rates for its residential product transfer and further advance only fixed rate products, as well as extended end dates to February for both these ranges.
The lender added that the end dates would also be extended to February for its buy-to-let product transfer and further advance-only range.
It continued that it would not accept applications for existing products after 8pm on Thursday 11 August, and that an agreement in principle would not secure a closing product.
Coventry Building Society temporarily closed for new business last Thursday, citing increased application volumes ahead of the base rate change, putting service levels under pressure.
Several other building societies also made similar moves, including Cambridge Building Society, Saffron Building Society and Suffolk Building Society.
Jonathan Stinton (pictured), Coventry Building Society’s head of intermediary relationships, confirmed it would be relaunching its new business products on Friday and that it had decided to pause activity to “protect service levels for mortgage brokers and their clients”.
He continued: “We didn’t take this decision lightly. As we’ve always said, service is really important to us and we know it’s a priority for brokers. We’ve paused new business for a few days so we can maintain good levels of service throughout.
“We’ve kept our contact centres open as usual and we’re still here to support brokers, whether that’s dealing with incoming enquiries, processing product transfer requests or answering any case update enquiries and questions they have.”
