Coventry Raises Mortgage Rates: What You Need to Know

by | Wednesday 14th Feb 2024 | Mortgage News

Louis Mason and Jade Pinkerton

Coventry Building Society has recently announced changes to its mortgage rates, affecting both new and existing borrowers across various categories. In a communication sent out to Oportfolio mortgages today, Coventry have announced several rate increases. Here’s a breakdown of the adjustments:

Coventry Building Society Mortgage Rate Changes

For Residential Mortgages:

– New Borrowers will see increases in Fixed rates across LTV (Loan-to-Value) ratios ranging from 65% to 85%, excluding Offset options.

– 2 & 3 Year Fixed Purchase rates at 90% LTV are also set to rise.

– 5 Year Fixed Purchase rates at 90-95% LTV, along with 3 & 5 Year Fixed Remortgage rates at 90% LTV, will be increased.

– 2 Year Fixed Remortgage rates at 90% LTV with no fee will also see an increase.

– Additionally, adjustments will be made to 2 Year Fixed Remortgage Offset, Interest-Only, and Offset Interest-Only rates with a fee.

For Existing Borrowers:

– Fixed rates at 65% – 85% LTV (Excluding Offset) will be increased.

– 2 Year Fixed rates at 90% – 95% LTV with no fee and 5 Year Fixed rates at 95% LTV with no fee will also see an increase.

For Buy to Let & Portfolio Buy to Let Mortgages:

– New Borrowers will face increases in 2 Year Fixed Remortgage rates and 2 Year Fixed Purchase rates with no fee.

– Additionally, 5 Year Fixed rates will see adjustments.

However, it’s important to note that there will be no changes for Existing Borrowers in the Buy to Let & Portfolio Buy to Let category.

Speak To a Mortgage Broker in 2024

While these changes might seem daunting, at Oportfolio Mortgages, we’re here to help you navigate through them. Our team specialises in finding the best mortgage rates and products tailored to your needs, ensuring that you secure the most favourable deal even amidst fluctuating rates from lenders like Coventry Building Society. Don’t let rate increases deter you from homeownership or investment opportunities. Reach out to us today to explore your options and secure a mortgage that fits your financial goals.

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If you have any questions about UK mortgage news or or anything you’ve read then please get in touch. We’d love to hear from you.

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