Coventry Building Society and Accord Mortgages are set to make significant adjustments to their mortgage products, providing new and existing borrowers with more competitive mortgage product offerings. These changes are scheduled to take effect at the end of October 2023, with Coventry Building Society implementing its rate reductions on Friday the 27th, and Accord Mortgages making changes to its Residential New Business range on Thursday the 26th.
Accord Mortgages Enhances Residential New Business Range
In a message to brokers today it was announced that on Thursday the 26th of October 2023, Accord Mortgages is making notable adjustments to its Residential New Business range. These changes are set to benefit new residential borrowers and enhance Accord’s commitment to offering competitive mortgage options.
Here is a brief breakdown of the changes that Accord have announced so far:
- Selected Deposit Unlock Products at 95% LTV: Borrowers interested in these products will experience either a reduction by 0.08% or an increase by 0.12% in the rates.
- Ten-Year Product at 75% LTV: The rate for this product is set to increase by 0.07%.
In addition to the rate adjustments, Accord Mortgages is extending the product end dates to the 28th of February 2023. These changes aim to provide more flexibility and affordability to new borrowers and strengthen Accord Mortgages’ position in the market.
Coventry Building Society Reduces Mortgage Rates
In a separate message, it was announced to brokers that on Friday the 27th of October 2023, Coventry Building Society is reducing mortgage rates across both its residential and buy-to-let (BTL) ranges. These changes are designed to benefit both new and existing borrowers, offering them more attractive financing options in a tough market.
For new residential borrowers, Coventry Building Society is reducing rates across various loan-to-value (LTV) ratios:
- Fixed Remortgage Rates at 65% to 80% LTV: Borrowers within this range will enjoy reduced rates.
- Fixed Purchase Fee Rates at 65% to 75% LTV: Coventry is reducing rates for these borrowers.
- 2-Year Fixed Purchase No Fee Rates at 90% LTV: Borrowers seeking this product will also benefit from reduced rates.
- 3-Year Fixed Purchase No Fee Rates at 75% to 80% and 90% LTV: These rates are being lowered, making homeownership more accessible.
- 5-Year Fixed Purchase No Fee Rates at 95% LTV: Those looking for high LTV mortgages will find reduced rates.
- Fixed First-Time Buyer Only Rates: Coventry is extending its rate reductions to first-time buyers.
- Offset, Interest-Only, and Offset Interest-Only Rates: These rates will also benefit from reductions.
For existing borrowers, Coventry Building Society is making reductions across various LTV ratios and mortgage types:
- Fixed Fee Rates at 65% to 75% LTV: Borrowers in this LTV range will experience lower rates.
- 2-Year Fixed No Fee Rates at 90% LTV: Coventry is reducing rates for this product.
- 3-Year Fixed No Fee Rates at 75% to 80% and 90% LTV: Borrowers in these LTV ranges will also enjoy reduced rates.
- 5-Year Fixed No Fee Rates at 65% to 75% LTV: Those seeking longer-term stability will find more attractive rates.
As for Coventry Building Society’s buy-to-let and portfolio buy-to-let ranges, both new and existing borrowers will see further reductions across all fixed-rate products. These changes are set to make property investment more financially viable and attractive.
Speak To a Mortgage Professional About Rate Changes
These announcements from Coventry Building Society and Accord Mortgages reflect the ongoing efforts of mortgage lenders to adapt to market conditions and provide competitive financing options to their customers. Borrowers, both new and existing, stand to benefit from these changes, potentially making homeownership and property investment more accessible and affordable. We would always advise that for anyone who is considering a mortgage or refinancing a property to closely examine these new offerings and always speak with a financial advisor to determine the best fit for their needs. At Oportfolio, we are experts in the UK mortgage market. Call or email our team today to arrange a free initial mortgage consultation. We are here to help.