Coventry closes BTL products with 48 hours’ notice

The company announced the changes today, in line with its commitment to giving 48 hours’ notice of product closures.

New products will be launched at 8am on Wednesday (19th July).

The changes to products include:

• increasing all fixed BTL and portfolio BTL new business rates at 65% LTV
• withdrawing all fixed BTL and portfolio BTL new business rates at 75% LTV
• no changes to existing customers only – product transfer and further advance rates

 

Commenting on the announcement, Samuel Mather-Holgate, independent financial advisor at Mather and Murray Financial, said: “Withdrawing higher LTV products indicates the uncertainty Coventry is feeling in the current climate.

“This might be followed by other lenders, especially if the next inflation print doesn’t drop substantially.”

Paul Welch, CEO and founder of Large Mortgage Loans, added: “A worrying sign of what's to come is the notice of product withdrawals from some lenders, indicating that they're bracing for impact on Wednesday when inflation data is announced.

“If core inflation figures continue their upward trend, money markets will react, driving up swap rates.

“Now more than ever it's vital to stay informed and prepared; speak to a mortgage broker, check in with your mortgage lender, understand where you stand, and consider your options.”