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 Tuesday 18 July.
We will be launching new products at 8am Wednesday 19 July.
Here’s what’s changing:
Residential (new business)
- Increasing all Fixed New Business rates (incl. Offset, Interest-only & Offset Interest-only)
- Withdrawing all Fixed New Business rates at 80% LTV
- Temporarily withdrawing Remortgage Cashback option on Offset, Interest-Only & Offset Interest-Only
- No changes to existing customer only (product transfer and further advance) rates
Buy to Let (new business)
- Increasing all Fixed BTL and Portfolio BTL New Business rates at 65% LTV
- Withdrawing all Fixed BTL and Portfolio BTL New Business rates at 75% LTV
- No changes to existing customer only (product transfer and further advance) 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 Tuesday 18 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 Tuesday 18 July.
Product transfer paper application packs already provided need to be fully completed, signed by all applicants, and returned by 8pm Tuesday 18 July.
Pending product transfer paper application packs and requests received between today’s date and 8pm Tuesday 18 July need to be fully completed, signed by all applicants, and returned within 48 hours of the date of illustration.