In line with its unique pledges, the Coventry has always given intermediaries at least two working days' notice of product withdrawal. Intermediaries were given notice of the proposed product changes on Thursday evening and in addition, pipeline business will be accepted until close of business on Tuesday 1 April.
Julie Jones, head of intermediary sales comments: "We understand entirely that brokers need a reasonable and sensible timescale for withdrawal of products and that's why we have shown an ongoing commitment to this by having this pledge. I think this clearly demonstrates the Coventry's fairness and commitment to our intermediary supporters, while also keeping sight of the commercial realities that necessitate product rotations in the current climate."
New to the residential range is a BBR tracker with a rate of 1.10 per cent above base rate for the term with a loan to value (LTV) of 90 per cent and an arrangement fee of £800. There is a booking fee of £199 and a free valuation and a free legal package for remortgagors. For first time buyers a new three year fixed rate is offered at a rate of 6.99 per cent with a LTV up to 95 per cent. The booking fee is £199 and arrangement fee £500, it is offered with a free valuation and no higher lending charge.
In the Godiva range there are three products offered in buy-to-let, with two trackers with rates of 1.20 per cent above base rate for the term and 1.90 per cent above base rate for the term, while a three year fixed rate is offered at 6.19 per cent. Three self certification products have also been introduced, again two trackers with rates of 1.70 per cent above base rate for the term and 1.30 per cent above base rate for the term. A three year fixed rate is also offered at 6.19 per cent.
Finally a new near prime full status three year fixed rate has been introduced at a rate of 6.75 per cent flexx fixed. This has a maximum LTV of 65 per cent, no early repayment charges, a free valuation and free legal fees for remortgagors.
