Paul Neal, mortgage and equity release specialist at Missing Element Mortgage Services: "I don't think Coventry will be the first or last lender to do this. One day clients will believe what experienced brokers say until then, expect more panicked phone calls come Friday." Yet here we are with the start of the emails brokers receive before we have another round of repricing. I'm sick of hearing my own voice, as with some prospective clients, it can be like talking to a brick wall. I've been trying to convince prospective remortgage clients that it would make sense to submit deals before Thursday so that we can secure a rate and then reassess if that's the best product when the dust settles from this next hike. Coventry Building Society is on the money by removing its product range the night before the base rate hike. Lewis Shaw, owner and mortgage broker at Riverside Mortgages: "It's unsurprising that with another Bank of England Monetary Policy Committee meeting on Thursday, lenders are starting to reassess their product ranges. ![]() ![]() ![]() No doubt they will be back in due course." As tracker mortgages are proving extremely popular at present, I suspect this move is to manage workflow and volume ahead of the base rate announcement on Thursday. Coventry for Intermediaries has announced that, from 8pm Wednesday, it is closing its BBR tracker rates for owner-occupied and buy-to-let lending, including porting, further advances and product transfers.Ĭraig Fish, founder and director at Lodestone Mortgages & Protection: "Coventry is one of the more popular lenders in the tracker space, as their products are penalty-free, meaning they offer great flexibility.
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