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.
Remortgage cashback is coming, but that’s not all…
We’re excited to be able to offer your clients a cashback option on selected remortgage products. But to be able to do so we need to update our product range.
This means we need to temporarily remove our entire Residential range at 8pm on Tuesday 10 January, but don’t worry, it will make a quick return at 8am on Wednesday 11 January, with reduced rates.
Here’s what’s changing:
Owner-Occupied
(new business, porting, further advances, FTB and product transfers)
Reducing all Owner occupied rates
BTL
(new business, porting, further advances, FTB and product transfers)
No changes
Product transfers
For product transfers the following will apply:
Online product transfer cases will need to be fully submitted by 8pm on Tuesday 10 January.
Product transfer paper application packs already provided need to be fully completed, signed by all applicants, and returned by 8pm on Tuesday 10 January.
Pending product transfer paper application packs and requests received between today’s date and 8pm on Tuesday 10 January need to be fully completed, signed by all applicants, and returned within 48 hours of the date of illustration.
Coventry for Intermediaries launches cashback remortgage products, reintroduces trackers, and lowers rates
Coventry for Intermediaries has launched cashback remortgage products, following broker demand for additional
remortgage options. The lender has also reintroduced tracker products and lowered all residential rates.
Cashback remortgage options are available for residential cases at 65% and 75% LTV and buy to let and portfolio
landlord cases at 50% LTV. These products all offer £350 cashback. Remortgage products which offer the
Remortgage Transfer Service instead of the cashback option are also available.
Tracker products are available for residential and buy to let, with options starting from 0.28% above base rate.
Residential rates have reduced by up to 90bps.
Highlights include:
- 4.35% 5 year Residential Fixed Rate to 30.06.2028, 65% LTV and £999 product fee (remortgage cashback
option available) - 5.30% 5 year Buy to Let Fixed Rate to 30.06.2028, 50% LTV and £1999 product fee (remortgage cashback
option available) - 3.78% 2 year Residential BBR Tracker (BBR +0.28%) to 30.06.2025, 65% LTV, £999 product fee and no
ERCs