Coventry BS has announced fare increases which will come into effect at 8pm on Monday.

For new residential borrowers, all fixed rates will increase, excluding offset and interest-only offset mortgages.

For existing borrowers, all fixed rates will also increase and all no-fee cleared fixed rates will close.

During this time, all fixed rates on buy-to-let (BTL) and BTL portfolio transactions will increase for new and existing borrowers.

The new products will be launched on Tuesday at 8 a.m.

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Pending paper product transfer requests must be signed and returned within 48 hours of the illustration date.

Ian Biggs of Coventry Building Society said: “Since the last price review of our mortgage products on October 25, swap rates have increased by 40 basis points.

“As a result, we have announced increases to our mortgage product range which will take effect on Tuesday. »

Changes in Halifax

In the meantime, Halifax has announced price increases, as well as reductions on certain products.

End dates and completion dates have been extended.

For remortgage products, deadlines and end dates are also extended.

The lender announced rate reductions for its affordable housing products and extended end dates.

Delivery end dates have been aligned on all products until October 31, 2025.

Several rate increases from lenders

This news follows several lenders increasing their rates in recent days.

Speaking about these changes in recent days, Nicholas Mendes, technical director of mortgages at John Charcol, said: “Santander recently reduced its prices following the last budget, while Virgin and Halifax increased theirs.

“Traditional lenders will likely refrain from immediately changing their rates in order to maintain their business and service levels.

“However, if there is an increase in inquiries from customers seeking current rates, or if other lenders follow suit by increasing their rates, this could put pressure on service levels and lead to repricing .”

Mendes suggested that lenders were responding to both market conditions and competitors’ repricing, balancing adjustments to remain competitive without significant disruption to services.

He added: “Coventry’s recent rate change should keep them competitive without having a significant impact on their position in the best buy tables.

“My advice to those nearing the end of their fixed rate is to avoid delaying in the hope that rates will return to the levels seen a few weeks ago. Get a deal now and review it continually. Although we are optimistic about the downward price revision, the pace and trajectory remain uncertain.