Coventry Building Society will withdraw its range of residential and buy-to-let products today (4 July), before raising them tomorrow.
The mutual says it will pull all of its residential two-, three- and five-year fixed-rate deals, including offset, interest-only and offset interest-only products.
It is also withdrawing its entire range of two- and five-year fixed-rate BTL and portfolio BTL deals.
Across both ranges new business, porting, further advances and product transfers are affected.
The lender says offers will be pulled at 8pm today and brought back to market at 8am tomorrow (5 July).
It informed brokers about the move by email yesterday, in keeping with its policy of giving intermediaries two days’ notice of product closures. It has not yet told brokers what the rises will be.
The mutual is the latest among a raft of lenders who have upped rates following the Bank of England hiking the base rate by 50 basis points to 5% last month, its 13th rate rise in a row since December 2021, taking it to the highest level in 15 years.
NatWest, Barclays and Virgin Money all lifted rates towards the end of last week.
Coventry Building Society reminds brokers that for new business, an “application in principle does not secure a closing product. If an application in principle refers, we can’t guarantee we’ll be able to review it before the product is closed”.
