Coventry Building Society is set to adjust rates across its mortgage portfolio, impacting both residential and buy-to-let sectors.
- New borrowers in the residential sector will experience a rise in fixed rates, excluding specific offset and offset interest-only products.
- Existing residential borrowers will also face increased fixed rates, with some offset products being phased out.
- In the buy-to-let market, both new and existing borrowers will encounter higher fixed rates across the board.
- These changes take effect from 8pm on 4th November, with new products launching the following morning.
Coventry Building Society has announced a significant adjustment in its mortgage offerings. This will notably affect both new and existing borrowers in the residential sector. All fixed-rate mortgages are set to rise, excluding those in the offset and offset interest-only categories. Borrowers should be aware of these changes as they prepare to make decisions about their mortgage commitments.
For existing borrowers, an increase in all fixed-rate options is on the horizon. Additionally, offset rate products with no fees are being closed, which signals a notable shift in borrower options moving forward. This action suggests a strategic move by Coventry Building Society to potentially manage its loan portfolio more effectively or adjust to broader economic conditions.
The buy-to-let market is similarly affected. Borrowers, whether new or seasoned, will experience an uptick in fixed rates. This change underscores a broader trend within the financial sector where institutions are reassessing risk and return in their lending practices. It’s critical for landlords and property investors to consider these adjustments in their financial planning.
Set to commence at 8pm on 4th November, these changes mark a pivotal moment for borrowers needing to finalise their mortgage applications promptly. Existing customers with pending product transfers must act swiftly, with all relevant paperwork required to be signed and returned within 48 hours from the date of illustration.
New product options are slated to be introduced the following morning, on 5th November. Borrowers should keep an eye out for these offerings, which might provide more favourable terms or align better with their financial strategies. This period of transition will require close attention from all involved parties.
Coventry Building Society’s rate changes necessitate careful consideration from borrowers preparing for imminent adjustments.
