Coventry Building Society is altering its mortgage rates, affecting both residential and buy-to-let categories.
- New borrowers will see increased fixed rates, with exceptions for offset and offset interest-only products.
- Existing borrowers will face similar hikes, and certain offset fixed rate options will be discontinued.
- Buy-to-let rates are rising for both new entrants and existing customers, with new products launching shortly after.
- Pending transfer applications require swift action, with a 48-hour deadline post-illustration.
Coventry Building Society has announced a series of changes to its mortgage offerings, effective from the evening of Monday, 4th November. These adjustments will impact both new and existing borrowers across residential and buy-to-let mortgage ranges. New borrowers will encounter an increase in fixed rates, though offset and offset interest-only products remain unaffected. This strategic move is significant in the current economic climate, reflecting broader market trends and the society’s approach to managing financial products responsibly.
For those with existing residential mortgages, the changes mirror those for new borrowers, with all fixed rates seeing an increase. Additionally, all offset fixed rate products that do not incur a fee will no longer be available. This decision may influence borrowers considering refinancing or maintaining their current plans. The implications for existing clients could necessitate a reevaluation of their financial strategies and long-term planning to accommodate these new rates.
The buy-to-let sector is witnessing similar modifications, as all fixed rates for both new and existing borrowers are set to rise. This move affects a significant portion of the mortgage market, particularly amid evolving property investment dynamics. The introduction of new products the following morning at 8am on 5th November signals the society’s intent to freshen its product lineup and adapt to ongoing changes in the investment property landscape.
Applications for product transfers, whether they involve residential or buy-to-let mortgages, must be completed and returned within a tight 48-hour window from the date of illustration. This expedited process underscores the importance of timeliness and accuracy in managing such financial transitions, encouraging clients to act swiftly to ensure their mortgage terms are secured under the existing conditions.
Coventry Building Society’s mortgage rate changes require prompt attention and strategic planning from affected borrowers.
