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.
Several lenders have withdrawn deals in the past few days as expectations around inflation led to swap rates increasing faster than expected.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.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
