Coventry for Intermediaries pulled all its new customer deals from sale yesterday evening and has yet to relaunch them, as other lenders are hiking rates on scores of deals today.
Coventry wrote to brokers on Friday to give them notice of the product withdrawals, which took place at 8pm yesterday.
The lender said “due to current market conditions, we’re giving as much notice as possible for product closures” and that the “launch of new products will be confirmed as soon as possible”.
The lender is also increasing all fixed rates for existing residential borrowers and buy-to-let borrowers on Wednesday, a separate update today revealed.
Meanwhile, brokers have a few hours left to secure current rates from many other lenders, as scores of deals are being withdrawn later this afternoon and in the coming days.
Among the lenders making widespread rate increases today or withdrawing deals to reprice are Aldermore, Metro and Gen H.
TSB is raising rates by up to 20 basis points on Wednesday, while Nottingham and Coventry are both putting up prices tomorrow.
Quantum is increasing all its rates at midnight tonight and Leeds is raising prices on residential rate switch, interest only and further advance deals also at midnight.
Meanwhile, Shawbrook and Principality gave notice on Friday of increases, which have already taken effect today.
Last week, Moneyfacts revealed the impact of recent repricing on average fixed rates.
Here are more details of the notable changes lenders have already announced this week:
TSB – Rate increases of up to 20bps on Wednesday.
Aldermore – Withdrawing all new business for residential and buy-to-let, plus five-year retention deals today at 5pm.
It says: “This is a temporary withdrawal, and we intend to release a new range as soon as possible.”
Metro – Reprice of 80% LTV residential products at 5.30pm today.
Gen H – Increases of up to 40bps from 5.30pm today, but also launching some remortgage deals at 20bps below core rates.
Shawbrook – Rate increases of up to 25bps today on buy-to-let SB1, commercial and commercial trading products.
Nottingham – Rate increases on standard residential and limited company buy-to-let new business deals of between 20 and 55bps tomorrow, plus some withdrawals.
Principality – Rate increases took effect this morning across many deals.
Coventry – All residential and buy-to-let new customer deals were withdrawn on Sunday evening, plus trackers for existing customers.
The lender is also increasing all fixed rates for existing residential borrowers and buy-to-let borrowers on Wednesday.
Leeds – Residential rate switch, interest-only and further advance deals will increases at midnight tonight.
