Halifax Building Society has announced changes to its product range as of November 1.
For products for movers and first-time buyers, the housing association has announced rate increases and decreases for selected products
Complete by dates and end dates have been extended.
For remortgage products, the complete by dates and end dates are also extended.
The lender has announced interest rate cuts for its Affordable Housing products and extended end dates.
The expiry date for all products is October 31, 2025.
Coventry Building Society has announced product closures, effective from: 8pm on November 4
To secure a product, brokers must successfully submit the application by 8:00 PM on the closing date. This applies to both new business cases and product transfers.
All new products will be launched from 8am the day after closing.
Changes include – for homes for new borrowers, increasing all fixed rates (except Offset and Offset Interest-only).
For existing borrowers: increasing all fixed rates (excluding Offset and Offset Interest-only) and taking out all Offset Fixed rates without costs
For buy to let and buy to let portfolio for new borrowers, Coventry is increasing all fixed rates and this also applies to existing borrowers.
Further details on interest rate changes will be provided by both lenders on November 2.
Commenting on the wave of changes among lenders in recent days, Nicholas Mendes, technical mortgage manager at John Charcol, said: “Santander has recently cut its rates following the latest Budget, while Virgin and Halifax have increased theirs.
“Mainstream lenders are likely to refrain from making immediate interest rate changes to maintain business and service levels. However, if there is an increase in inquiries from customers seeking to secure current rates, or if other lenders follow suit by increasing their rates, this could put pressure on service levels and lead to further price reviews.”
Mendes suggested that lenders responded to both market conditions and competitors’ repricings, balancing adjustments to remain competitive without significant service disruption.
“Coventry’s recent interest rate change should keep them competitive without significantly impacting their position in the best-buy tables.”
He added: My advice for those nearing the end of their fixed rate remains: avoid delaying in the hope that rates will return to the levels they were a few weeks ago. Make a deal now and review it continually. While we are optimistic about the downward rate revision, the pace and trajectory remain uncertain.”