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Coventry BS to pay new business proc fees for further advances; Atom cuts rates – round-up

  • 18/04/2024
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Coventry BS to pay new business proc fees for further advances; Atom cuts rates – round-up
Coventry Building Society will pay new business procuration fees on all completed further advances.

Payments will be made on residential and buy-to-let (BTL) applications, and will be made at brokers’ usual new business rate through their nominated payment route.

The additional borrowing can be secured on any new business product subject to loan-to-value (LTV) restrictions.

The firm also has green further advance options, which give borrowers a lower rate if they make energy-efficiency improvements.

Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society, said: “If people want to borrow extra on their mortgage, chances are they’re going to turn to their broker for help. We have listened to feedback and want to remunerate brokers for the work and diligence in guiding their clients through this process.

“If clients are looking to make their home more energy efficient, they may be able to borrow at a lower rate with one of our green further advance products. And they can even use the Home Energy Efficiency Tool on our website to see how much they could save on their energy bills.”

Last month, Coventry Building Society cut its BTL reference rates.


Atom cuts rates and adds three-year fixed rate deal

Atom has lowered rates in its near prime range by up to 0.3%, with the cuts coming into force from today.

Two-year fixed rates are being cut by between 0.1% and 0.3%, while five-year fixed rates are falling by around 0.15% to 0.3%.

Two-year fixed rates start from 6.14%, and five-year fixed rates begin from 5.64%.

The lender is also launching a three-year fixed rate in its near prime range, starting at 5.99%. The LTVs available range from 60% to 85%.

Richard Harrison, head of mortgages at Atom, said: “We are delighted to confirm these rate reductions to our near prime range, as well as the launch of a new three-year product to provide further choice.

“We know that brokers will welcome a wider range of competitively priced products as they cater for those clients who may have the odd black mark in their credit records.”

He continued: “The challenges of recent years have put household budgets under pressure, and will inevitably result in more borrowers with credit blips falling into the near prime category.

“That’s why Atom bank is committed to delivering not only competitive products for these borrowers, but the best possible experience too. We have opened up the greater use of technology on near prime cases, such as automated valuations, to ensure that these borrowers benefit from the market-leading response times that our prime customers already enjoy.”

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