Coventry announces rate cuts, ‘the first lender to react positively to the recent easing in SWAP rates’

Coventry Building Society has today announced rate cuts across most of their range and have given brokers the usual two days’ notice.

Katy Eatenton, mortgage & protection specialist at Lifetime Wealth Management said, “This is the email we’ve all been waiting for. It’s a massive boost for borrowers.

“Coventry giving 48 hours notice and reducing rates, a double win. After potentially a brief recession following this morning’s. GDP data, hopefully other lenders will follow and there will be some healthy competition back in the market.”

Andrew Montlake, managing director at Coreco said, “This is news that will resonate positively with borrowers as Coventry becomes the first lender to react positively to the recent easing in SWAP rates.

“I expect that other lenders will begin to cut their rates once more over the coming days, as application levels also begin to ease.

“There is a reason that Coventry have become such a highly regarded lender.

“They have a varied product set, good criteria and a policy towards notice periods of rate changes that show they understand the pressures on brokers and their clients.”

Hannah Bashford, director at Model Financial Solutions said, “As always, we can count on Coventry to do the right thing.

“Their ethos centres around borrowers and they are supportive of advisers, too, so it is a win win. With swaps rates slowly reducing again over the past couple of weeks it has been baffling to see lenders increasing their rates.

“Hopefully they will also now follow Coventry’s lead and start reducing rates again, too.”