Coventry to increase green further advance rates

This morning, Coventry announced it is increasing selected rates, saying: “However, In line with our commitment to give you two days’ notice of product closures, we will be closing products at 8pm Monday 19 June. We will be launching new products at 8am Tuesday 20 June.”

The Society is increasing all residential buy-to-let and portfolio buy-to-let green further advance rates.

Earlier this week, Coventry gave brokers 48 hours' notice of rate increases, applying to all buy-to-let and residential fixed rates, including offset and interest-only, will increase, with all tracker rates closing. The new range launched this morning.

Rob Gill, managing director at Altura Mortgage Finance, said: "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, commented: "These are the products that didn't change during the week, so 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."

Riz Malik, founder and director at R3 Mortgages, added: "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."