Coventry have announced an intermediary update which is available below. Coventry and Godiva products are available through our direct to lender mortgage club so contact our team to find out how we can help you and our business with our mortgage support.
We’re updating our affordability calculator
As part of our ongoing affordability review and to reflect the current economic outlook, we are updating our affordability calculator.
Changes will come into effect on Friday 19 May.
To secure your client’s application using the current affordability result, a full mortgage application must be submitted by 8pm on Thursday 18 May. Pipeline cases will not be affected.
Product updates
We’re updating our rates
In line with our commitment to give you two days’ notice of product closures, we will be closing products at 8pm Thursday 18 May.
We will be launching new products at 8am Friday 19 May.
Here’s what’s changing:
Owner-Occupied (new business, porting, further advances and product transfers)
- Increasing all 2 & 3 Year Fixed New Business rates at 65-80% LTV
- Increasing all 2 Year Offset, Interest-only & Offset Interest-only rates
- Increasing all 2 & 3 Year Fixed Existing Customer Only rates at 65-85% LTV
- Increasing all 5 Year Fixed Existing Customer Only no fee rates at 85-95% LTV
- Reducing all 2 & 3 Year Fixed Existing Customer Only rates at 90-95% LTV
- Reducing all 5 Year Fixed Existing Customer Only rates at 65-80% LTV
- Reducing all 5 Year Fixed Existing Customer Only £999 fee rates at 85-95% LTV
- Reducing all 5 Year Offset, Interest-only & Offset Interest-only Existing Customer Only rates
Buy to Let (porting, further advances and product transfers)
- Reducing all Fixed Existing Customer Only BTL & Portfolio Landlord BTL rates
New business cases
Remember, an AIP does not secure a closing product. If an AIP refers, we can’t guarantee we’ll be able to review it before the product is closed.
So, if your AIP does refer, you should copy the case and click through to full mortgage application to secure the product. Applications received after 8pm Thursday 18 May will not be accepted.
Product transfers
For product transfers the following will apply:
Online product transfer cases will need to be fully submitted by 8pm Thursday 18 May.
Product transfer paper application packs already provided need to be fully completed, signed by all applicants, and returned by 8pm Thursday 18 May.
Pending product transfer paper application packs and requests received between today’s date and 8pm Thursday 18 May need to be fully completed, signed by all applicants, and returned within 48 hours of the date of illustration.