Coventry Building Society cuts mortgage rates

Date:Friday 15th January 2010
Author: Max Freedman

Coventry Building Society has announced a mortgage rate reduction across its residential portfolio.

Some products have seen their rates cut by up to 0.54 per cent and sales and marketing director Colin Franklin suggested many consumers could find themselves "better off" with his organisation, particularly in light of a number of lenders putting their standard variable rates up in recent weeks.

"We are seeing more competition in the mortgage market but this range will take some beating," he commented. "We have reduced the rates [and] reduced the deposit required."

As well as cutting rates on numerous fixed mortgage products, Coventry has also added several new residential Flexx for Term and base rate tracker deals to its portfolio.

The lender last announced a major shake-up of its mortgage range in November last year, when it cut rates by up to 0.66 per cent. Mr Franklin claimed that the initiative was designed to increase "business opportunities for brokers".