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.
Coventry for intermediaries to launch new BTL products
Coventry for intermediaries will launch new 5 year fixed BTL products on Friday.
Highlights include:
- BTL 5 year fixed – 5.85% fixed to 30.04.28 75% LTV with a £1,999 fee
- BTL Portfolio 5 year Fixed – 5.95% fixed to 30.04.28 75% LTV with a £1,999 fee
- As part of its return to the BTL market, and to reflect the current economic outlook,
Coventry for intermediaries has also increased its BTL stress rate. Its online
affordability calculator has already been updated with the new rate so brokers can
check whether the new BTL products will be the right fit for their clients.
Here’s what’s changing:
Owner-Occupied
(new business, porting, further advances and product transfers)
- Reducing standard 5 Year Fixed rates across 85%-95% LTV
- Reducing standard 5 Year Fixed existing customer only (product transfer and further advance) rates with no product fee across 85%-90% LTV
- No changes to Offset or Interest-only (including Offset Interest-only) rates
Buy to Let
(new business, porting, further advances and product transfers)
- No changes
We’ve launched a new support guide
Do you think your client might be showing signs of vulnerability and are not sure how to help? Or would you simply like help identifying how to spot the signs?
In our guide we break down what it means to have a vulnerability and how this might affect your client during the decision-making process and the lifetime of the mortgage. We’ll signpost where you can access additional support and outline everything we can do to help you support your clients.
New 3 year fixed rates for Residential clients
As we look to support the market, we’re providing you with more options for your clients, so today we’ve launched 3 year fixed rates with no fee for Residential clients at 75% and 85% LTV. So your client can be protected from interest rate rises for longer.
We’ve also reduced selected Residential rates by up to 41bps, including higher rate LTV’s and first time buyers.
That’s not all – we’ve launched 2 year tracker rates for Residential and Buy to Let clients, an option will also be available for Portfolio Landlords.
We’re updating our affordability calculator
As part of our ongoing affordability review and to reflect the ever changing economic environment, we are making further changes to our residential affordability calculator to ensure that it continues to reflect the current outlook.
Changes will come into effect on Friday 14 October.
In order to secure your client’s application using the current affordability calculator, a full mortgage application must be submitted by 8pm on Thursday 13 October. All applications received after this time will be reassessed with our updated affordability calculator.