The greatest increase has been made to its two-year fix with a £999 fee at 60 per cent loan to value (LTV) for existing borrowers moving homes, which has risen from a rate of 4.99 per cent to 5.64 per cent.
This rate of 5.64 per cent applies up to 90 per cent LTV. The 95 per cent LTV option has gone up from 5.49 per cent to 6.04 per cent.
The two-year fixed options with no fee begin from 5.84 per cent at 60 per cent LTV, up to 6.29 per cent at 95 per cent LTV.
The equivalent two-year fixed mortgages for new borrowers with a £999 fee start at 5.69 per cent, previously 5.24 per cent, while the fee-free options begin at 5.89 per cent, up from 5.49 per cent.
Rates have also increased across three, five and 10-year fixes for first-time buyers, remortgages and product switches.
Coventry BS ups rates
Coventry Building Society has increased rates across green further advance products for residential, buy-to-let and portfolio buy-to-let borrowers.
The mutual stuck to its commitment to give brokers 48 hours’ notice of product changes, so its current rates will close by 8pm 19 June and the updated deals will be available the following day.
The reaction from brokers was positive, as they noted that the mutual honoured its pledge regarding product withdrawals and changes.
Riz Malik, founder and director at R3 Mortgages, said: “The two days’ notice commitment made by Coventry is held in high regard by brokers nationwide and is deemed a model of excellence for the mortgage industry. That is why the #24hourpledge is something we are encouraging all UK mortgage lenders to adopt.
“It remains unclear to many of us why a lender such as Coventry can provide a 48-hour notice period when withdrawing mortgage deals, while others, including a number of high street lenders, only offer a few hours’ notice.”
Rob Gill, managing director at Altura Mortgage Finance, added: “The Coventry deserve a huge amount of credit for consistently honouring their pledge to give two days’ notice ahead of any rate changes.
“From the early panic of the pandemic through to the outright chaos of the mini Budget and the turbulence we’re seeing at the moment, this pledge from Coventry is a massive benefit to borrowers, brokers and no doubt their own staff.
Justin Moy, managing director at EHF Mortgages, pointed out that these were the only products offered by the mutual which were yet to receive rate increases.
He added: “This is an inevitable catch-up from the lender, and to be honest will affect very few clients. There are more significant issues currently than green further advances within the mortgage market. Still, Coventry Building Society give us 48 hours’ notice, which is always to be applauded.”
