Some products will be closed
Coventry Building Society has announced upcoming changes to its mortgage product lineup, notifying customers of rate increases and select product closures. These adjustments will take effect at 8 pm on Monday, November 4. New products are scheduled to launch the following morning at 8 am.
Details of product adjustments
Coventry Building Society’s statement emphasised that applications for current products must be submitted successfully by the closure deadline. This requirement applies to both new applications and product transfers.
For both residential and buy-to-let mortgages, the society will increase all fixed rates, excluding offset and offset interest-only products, for new and existing borrowers. Additionally, it will discontinue offset fixed-rate products with no fees for existing residential mortgage borrowers.
Required actions for borrowers
Borrowers with pending product transfer applications are advised to complete their paperwork within 48 hours of receiving their loan illustration to meet the deadline.
Coventry Building Society affirmed its commitment to provide its customers with a two-day advance notification for any product closures. The lender confirmed that no other products will be affected by this update.
This announcement comes just days after recent updates on the society’s mortgage rates, including for first-time buyers and existing customers. In August, Coventry Building Society launched a five-year fixed rate mortgage at 3.90%.
Coventry Building Society, is the UK’s second-largest building society, holding assets exceeding £62 billion as of December 31, 2023, and is a member of the Building Societies Association.
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