Coventry for Intermediaries has announced changes to its product lineup, aiming to provide more favourable terms for its customers. These modifications involve both residential and landlord fixed-rate offerings, along with a strategic withdrawal of certain products from the market.
The lender has outlined a clear timeline for these adjustments. On 16 August at 8pm, the relevant offers that are subject to change will be withdrawn. However, customers can anticipate the introduction of new deals at 8am on 17 August. This proactive approach aligns with Coventry's commitment to transparency and service excellence, as they are ensuring brokers are given a two-day advance notice before the closure of any products.
Here's an overview of the key changes that will take place:
Residential - New Business:
- Withdrawal of three-year fixed new business rates for loans with a loan-to-value (LTV) ratio between 90% and 95%.
- Reduction of fixed new business rates for loans with an LTV ratio ranging from 65% to 80%, excluding offset deals.
Buy to Let - New Business:
- Reduction in five-year fixed new business rates for buy-to-let/portfolio landlord properties with an LTV ratio of 65%.
Coventry for Intermediaries clarifies that receiving an agreement in principle does not guarantee the retention of a specific product. If an agreement in principle is pending, the lender cannot ensure its review before the associated product is closed. For individuals with agreements in principle, it is advisable to duplicate the case and proceed to the complete mortgage application to secure the desired product.
Moreover, the lender stresses that any applications received after the stipulated deadline of 8pm on 16 August will not be processed or accepted.
By making these changes, Coventry for Intermediaries is actively refining its product portfolio to better suit the needs of its customers. This strategic approach ensures that customers and brokers are well-informed and empowered to secure the most suitable products for their financial requirements.
