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.
Product updates
We’re reducing our rates
In line with our commitment to give you two days’ notice of product closures, we will be closing products at 8pm Thursday 01 December.
We will be launching new products at 8am Friday 02 December.
Here’s what’s changing:
Owner-Occupied
(new business, porting, further advances and product transfers)
- Reducing all 2, 3 & 5 Year Fixed rates including Offset, Interest-only and Offset Interest-only rates
Buy to Let
(new business, porting, further advances and product transfers)
- No changes to the range
New business cases
For 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 01 December 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 01 December.
Product transfer paper application packs already provided need to be fully completed, signed by all applicants, and returned by 8pm Thursday 01 December.
Pending product transfer paper application packs and requests received between today’s date and 8pm Thursday 01 December need to be fully completed, signed by all applicants, and returned within 48 hours of the date of illustration.
New build mortgages
We’re open for business
Part of our purpose at Coventry for intermediaries is to support home ownership and we recognise that new build properties are a key component to a vibrant housing market. So we’ve made changes to our criteria to support more customers to buy a new build property.
Here are some of the criteria highlights:
- Up to 90% LTV on new build residential houses.
- A nine month mortgage offer, with the option to extend for a further three months.
- We accept financial incentives of up to 10% of the purchase price, with the first 5% not being deducted from the purchase price.
- We define ‘new build’ as a property that was built within two years of the date of the mortgage application.
It’s easy to do business with us
You can choose any product from our residential range, including cashback and no-fee product options. And don’t forget that we give 2 days’ notice of all our product withdrawals.