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 updating our rates
True to our pledge to give you two days’ notice of product closures, we will be closing products at 8pm on Thursday 28 July.
We will be launching new products at 8am Friday 29 July.
In between these times, our website will be down for essential maintenance.
Here’s what’s changing:
Owner-Occupied (new business and porting)
- All 2 & 5 Year Standard Residential (new business) fixed rates increasing
- All 2 & 5 Year Standard Residential (new business) fixed rates increasing
- All Tracker rates increasing
- No changes to Product Transfer and Further Advance only (retention) rates
- Offset 5 year fixed 65% LTV rate being withdrawn – OFU29
- No changes to Interest-only & Offset Interest-only rates
Buy to Let (new business, porting, further advances and product transfers)
- All 2 & 5 Year Fixed BTL & Portfolio Landlord BTL rates increasing
- All £0 fee BTL & Portfolio Landlord BTL rates being withdrawn
- All BTL & Portfolio Landlord BTL Tracker rates increasing
- No changes to Flexx Fixed (retention) rates
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 28 July will not be accepted.
Visit our website for more information on our Lending policy.
All products will be available to view on our website from day of launch.
Coventry for intermediaries launches online product transfers on new-look website
Coventry for intermediaries has launched online product transfers to make it even more straightforward for brokers to process client business.
Brokers can now submit like-for-like product transfers online using the Iress Mortgage Sales and Origination (MSO) platform, making managing and submitting cases simpler, quicker and easier. All brokers need to do to use the new system is complete a simple online registration.
The new MSO functionality is the latest part of a wider 4 year project and coincides with a refresh of the look and feel of the Coventry for intermediaries brand and website. The refresh will bring the brand into line with the Coventry Building Society brand and provide the website with a number of digital improvements to help brokers find what they need quickly and easily.
Kevin Purvey, Director of Mortgage Distribution at Coventry Building Society, said: “We know that brokers’ time is particularly precious right now, and this new feature will help speed up the product transfer process. It’ll mean their clients get an even speedier turnaround and brokers will free up more time to spend on doing what they do best – helping people make the right choices for their next mortgage decision.
“We’re always looking at ways in which we can strike the right balance between simplicity of our processes and quality of service. The launch of online like-for-like products via MSO is just the start of a journey and will now see us focus on the next phase which will deliver a new mortgage application and case tracking system.
“The online product transfer upgrade also coincides with the launch of our new-look brand and website. So while we’ve improved the Coventry for intermediaries site with a fresh visual identity, there is great new functionality on there too, including improved product filters along with all the other features that brokers know well and use all the time.”