Coventry building society is increasing the cost of its fixed rate borrowing for new residential and buy-to-let customers from Wednesday (19 July), writes Jo Thornhill.
The mutual, the eighth largest UK mortgage lender, will withdraw residential remortgage and BtL fixed rates, including interest-only and offset rates, available through brokers, from tomorrow (18 July) at 8pm.
Higher-priced fixed rates for new residential borrowers and buy-to-let customers will launch at 8am on 19 July.
But despite Coventry’s move and a small number of other lenders tweaking selected rates upwards (see round-up below), brokers are not expecting further increases across the board to fixed borrowing rates.
That is unless the latest ONS inflation measure, which will be published on Wednesday, shows inflation has not fallen significantly. It was recorded at 8.7% in May when the figure was published last month.
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Source: www.forbes.com
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