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Coventry BS reduces mortgage rates

Tue, 28 Oct 2008

Coventry Building Society is to reduce the mortgage rate for members who have been with the institution for five years or more.

The mutual's Privilege mortgage rate will drop to 6.5 per cent, while the standard variable rate (SVR) will come down to 6.84 per cent.

According to Rachel Haworth, head of marketing at the Coventry, the society has more than twice as many people on its loyalty mortgage rate than the SVR .

She said: "These reductions maintain the competitiveness of our rates, despite the fact that funding costs have not fallen in line with the recent Bank of England base rate cut."

The changes to the mortgage rates are effective immediately for new borrowers and come into force on November 1st for existing customers, she added.

Recently, Skipton Building Society announced that it will not be reducing its SVR, claiming that its typical mortgage rate is still very competitive when compared to other lenders .
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