Coventry Building Society is increasing rates on BTL new business, porting, further advances and product transfers with 48 hours’ notice.
The current products will be closed at 8pm on Thursday 15th June.
An increase in fixed rates for all BTL and portfolio BTL products — excluding green further advance rates — will be launched at 8am on Friday 16th June.
All BTL and portfolio BTL tracker rates will be closed.
Anil Ministry, director and mortgage broker at RNR Mortgage Solutions, commented: “Coventry is aligning with the prevailing trend and adopting the practices of other lenders in light of current conditions, so this announcement comes as no surprise.
“Nevertheless, it is commendable that it has once again demonstrated its praiseworthy attribute of providing a 48-hour advance notification.”
Graham Cox, founder of SelfEmployedMortgageHub.com, added: “It was only last Friday that Coventry announced it was increasing all its residential fixed-rate products.
“Only three working days later it’s been forced to increase them again due to the seemingly inexorable daily rise in UK gilt yields and swap rates.
“But thumbs up for giving 48 hours' notice; if only other lenders would take note, it would make life much easier for brokers and much fairer for consumers.”
