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 rates
In line with our commitment to give you two days’ notice of product closures, we will be closing products at 8pm Thursday 27 July.
We will be launching new products at 8am Friday 28 July.
Here’s what’s changing:
Residential (new business, porting, product transfer)
- Reducing all 2 and 5 Year Fixed new business rates
- Increasing Flexx Fixed existing customer product transfer only rates
Buy to Let (new business, porting, product transfer)
- Reducing all 2 and 5 Year Fixed BTL and Portfolio Landlord BTL rates
- Increasing BTL Flexx Fixed existing customer product transfer only 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 27 July 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 27 July.
Product transfer paper application packs already provided need to be fully completed, signed by all applicants, and returned by 8pm Thursday 27 July.
Pending product transfer paper application packs and requests received between today’s date and 8pm Thursday 27 July need to be fully completed, signed by all applicants, and returned within 48 hours of the date of illustration.
Coventry for intermediaries updates their affordability
Coventry for intermediaries is updating their Residential affordability calculator. They are also increasing the reference rate for Portfolio Landlords, the whole portfolio will need to be stressed at 6.5%
Changes will come into effect on Friday 28 July
To secure your client’s application using their current affordability calculator, or current portfolio reference rate, a full mortgage application must be submitted by 8pm on Thursday 27 July. Pipeline cases will not be affected
Coventry for intermediaries reduces selected Residential and Buy to Let rates
Coventry for intermediaries has reduced 2 and 5 year Fixed Rates, for Residential and Buy to Let new business applications. Residential rates are reducing by 22-54bps and Buy to Let rates are reducing by 39-74bps.
Residential rates at 80% LTV are also being reintroduced into the product range.
Highlights include;
- 6.23% 2 year Fixed Rate to 31.12.25, 75% LTV and £999 product fee – available for residential purchase and remortgage – option of £350 cashback or remortgage transfer service for remortgage
- 6.32% 5 year Fixed Rate to 31.12.28, 65% LTV and £1999 product fee – available for Buy to Let purchase or remortgage – option of £350 cashback or remortgage transfer service for remortgage